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Perry: Texas economy remains strong

Posted Thursday, October 23, 2008

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Gov. Rick Perry last week credited the state’s strong economic policies for preparing it to withstand both Hurricane Ike and the current national economic downturn. While the Texas economy is strong, the economic downturn that the rest of the nation is facing will eventually hit Texas. For that reason, Gov. Perry this week asked state agencies to begin taking measures to cut discretionary spending within their divisions and limit travel.

“As good stewards of the resources entrusted to us by Texas taxpayers, we are obligated to not only watch the outside forces affecting our economy, but deal with them proactively,” Gov. Perry said. “We have made tough choices throughout the years that have helped our state attain the overall strength we enjoy today, and we must continue to follow these principles as we prepare for the long-term effects of this national economic downturn.”

Texas’ policies of limited growth in spending, low taxes and a reasonable regulatory environment have strengthened the Texas economy, preparing the state to handle the national economy’s current instability. Stronger guidelines for home equity borrowing and lending have resulted in Texas having some of the lowest levels of mortgage defaults among the nation’s top 10 most populous states.

The Financial Times recently named Texas the number one state economy in the nation in light of the ongoing economic and financial slowdown. States’ positions were based on a ranking of four separate economic indicators: employment growth rate, state product growth rate, personal income growth rate and home foreclosure rate.

Texas continues to be a leader in job creation, generating nearly half of all jobs created in the nation from August 2007 to August 2008. The state’s unemployment rate remains at 5 percent, 1.1 percent below the national average. Texas also remains home to more Fortune 500 headquarters than any other state in the nation.

The governor credited Houston’s strong business environment with attracting national accolades, including Best City to Live, Work, and Play by Kiplinger’s; Best City for Your Job by Business Week; and Best U.S. City to Earn a Living, Best City to Buy a Home and Best City for Recent College Grads by Forbes.

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