Texas Conservative Lobbyist News: Texas Winning Big in US Economic Shift.
The following is a digest of an article from USA Today in August 2012. The Texas Lobby Group has digested the article and is offering this information as a public service for other Texas Lobbyists, Texas Political Leaders, government consultants, and all other interested parties.
In a quiet shift that went perhaps unnoticed by the rest of the country, Texas is now the second largest economy in the United States. The Lone Star State has taken the place of New York and will one day likely challenge California for the position of the top economic power in the United States.
State economic power rankings are currently in a major shift. The winners are states with strengths in raw materials and senior citizen living. The losers are states who have traditionally excelled in manufacturing.
If you talk to people in Texas, they will tell you the secret is that Texas is business friendly. With low taxes, no personal income tax, a history of business friendly regulations, and incentives for businesses that move to Texas, business is BOOMING in the Lone Star State.
“Texas continues to be a national example for job creation thanks to our low taxes, reasonable and predictable regulatory environment, fair legal system and skilled workforce,” Gov. Perry said. “Our commitment to these priorities has helped make Texas the best place to live, work and raise a family.”
According to USA Today, Texas has achieved the biggest increase in economic output in 50 years. The state now has more than One Trillion dollars of annual economic output and now makes up 8.3% of the entire United States economy. This level of growth has only been seen twice before in the U.S. – by California in the 80s and by Texas in the 70s during an oil boom.
“We’re growing faster than everyone else, and this trend should last a good while,” says economic forecaster Raymond Berryhill of Waco, Texas. His state enjoyed “good fortune and good planning” from having natural resources, immigration and successful technology businesses while avoiding the real estate bubble, he says.
The economic success of Texas has not been lost on other states, many of which are now considering following the Texas model. Florida Governor Rick Scott has specifically stated that his sites are set on Texas, and he hopes to surpass their success in Florida and move to the top of the list.