Monday, March 1, 2010
Wow! That is the one word that immediately comes to mind when viewing the map of the USDA Economic Research Service that shows the U.S. employment change from the fourth quarter 2007 (beginning of the current recession) through the fourth quarter 2009.
In this map, Texas stands out like a shining Lone Star. Why? Lots of reasons, but mainly because Texans have a no nonsense, pay as you go, roll up your sleeves, business-friendly, get the job done attitude.
It is no coincidence that Texas is faring so much better than virtually every other state and why jobs and people keep coming to Texas. Three key facts make Texas stand out: 1) relatively low taxes; 2) fair courts; and, 3) a predicable and stable regulatory environment. These elements will influence our economy as long as economic prosperity is driven by economic investment, and as long as economic investment is driven by profit opportunity. This is an important concept to keep in mind because dollars will flow where they find the greatest return. If we want jobs for Texans, we have to keep attracting that investment here.
During these tough times when we all have to tighten our belts, it is important we don't forget the fundamentals that have enabled our economy to grow and for our citizens to prosper. Tough times don't last - tax increases do! We want our economy to rebound and for jobs to flourish. We want others to want to be a part of the prosperity that can be found by those who are willing to work hard, save, invest and even take a measured risk.
This map says a lot about the Lone Star State. Let's all do our part to make Texas shine even brighter when the next snap shot is taken.