Texas Economy

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From Texas Standard:

The job market surged in Texas after the 2008 financial crisis. But the trend wasn’t spread evenly across the state. The “Texas miracle” seemed to only bless bigger cities like Austin, Dallas, Houston and San Antonio. Young professionals didn’t exactly flock to smaller towns and more rural parts of the state. 

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From Texas Standard:

On March 29, the United Kingdom is set to pull out of the European Union – a decision made by the British people in a 2016 referendum. The end of March is coming up fast, and what's the plan for the pullout? There isn't one. Lawmakers bickering in the shadow of Big Ben have, for a second time, rejected a so-called "Brexit" strategy, and leaving the EU with no plan could cause major economic and other problems for Britain and its trading partners and allies.

Harold Clarke, professor in the School of Economic, Political and Policy Sciences, at the University of Texas at Dallas, and adjunct professor in the Department of Government, at the University of Essex in England, says a messy Brexit could also be destabilizing for the U.S. and Texas.

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From Texas Standard:

If you're the investing type, it's likely the stock market has given you a little bit of whiplash in recent weeks. If you're not the investing type, you've probably seen the major ups and downs as a reason to avoid stocks. Ups and downs are par for the stock market course, but has the recent volatility been an outlier? And what explains it? President Donald Trump said this week there was a "glitch" in the market December, so what are we to make of that?

Ray Perryman is an economist with the Perryman Group in Waco. He says the stock market's current fluctuations are unusual.

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From Texas Standard:

According to the Department of Labor, it's 1969 again, meaning unemployment now stands at 3.7 percent, with earnings up over the past year by more than 3 percent. That's in part because, since March of this year, there have been more jobs than workers every single month.

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From Texas Standard.

In February 2017, several newspapers in north Texas carried the story that 250 workers were being laid off from a General Electric facility in Fort Worth that makes locomotives. Now, that same plant has plans to bring back nearly double that workforce by the end of the summer.

Gabriel C. Pérez/KUT

From Texas Standard.

In the middle of all of the hype surrounding South By Southwest, the European ambassador to the U.S. has landed in the Texas capitol city.

Ambassador David O’ Sullivan is representing the EU at SXSW’s Cities Summit.

Gabriel Cristóver Pérez/Texas Standard

From Texas Standard:

“When Mexico sends its people, they’re not sending their best,” Donald Trump said at the kickoff of his presidential campaign in 2015. "They're bringing drugs," he said. "They're bringing crime. They're rapists," allowing that "some, I assume, are good people."

Image via Flickr/Texas Comptroller (CC BY 2.0)

From Texas Standard:

Even though the Texas Legislature failed to pass measures to reform property taxes or the school finance system during the regular and special sessions, the Federal Reserve Bank of Dallas says the Texas economy continues to grow at a solid pace.

Comptroller Glenn Hegar is the chief tax collector, accountant and revenue estimator for the state government. Among his responsibilities is providing the legislature with an estimate of state revenue before each regular legislative session.

 

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From Texas Standard:

A week before the United Kingdom voted whether or not to leave the European Union, it looked like those in the "Remain" camp could relax – the pundits, the press, even the betting markets were sanguine about the status quo. The polls confirmed their confidence.

But upon closer examination, in the harsh light of retrospect, the polls didn't tell the whole story. Those pointing to a Brexit win were the oddball outliers – until they proved to be correct.


Image via Flickr/Nan Palmero (CC BY 2.0)

From Texas Standard:

According to Forbes, Texas has four of America's next boom towns: Austin, San Antonio, Houston and Dallas. Thanks to technology hubs like Austin and "opportunity cities" like San Antonio, Texas is pretty much the blueprint for America's cities of the future.

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From Texas Standard:

Just in time for the start of school, The New York Times reports that there’s a shortage of teachers. Across the country, school districts have gone from refusing to renew contracts to scrambling to hire teachers. This shortage is seen particularly in math, science and special education, and it's a result of the layoffs from the recession years, as well as an improving economy in which fewer people are training to be teachers.

The issue is so critical that some systems are allowing new hires to train on the job and bringing in people who are still finishing their teaching credentials. According to the Times, the situation is most critical in Louisville, Nashville, Oklahoma City and Providence. However, Texas also fares low.

U.S. Census Bureau

Texas has one of the nation's lowest rates of people on welfare, according to a new report from the U.S. Census Bureau. It says 1.8 percent of Texas households received benefits through the Temporary Assistance to Needy Families (TANF) program in 2012. 

Only Wyoming (1.7 percent), South Carolina (1.6 percent), North Dakota (1.5 percent) and Louisiana (1.5 percent) had lower welfare rates than Texas. The United States average is 2.9 percent. The tally did not include food stamps or Social Security benefits. 

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There’s no shortage of news on how rapidly Austin is growing, but a new report puts that expansion in a larger context, dubbing Austin "the nation’s capital for population growth."

New U.S. Census data shows much of the nation's growth is concentrated in Texas, with Austin at the epicenter. Austin-area cities San Marcos, Georgetown and Cedar Park are all recognized for high percentage growth.

For the city of Austin, that growth meant 21,000 new residents between 2012 and 2013. State Demographer Lloyd Potter says it doesn't look like that growth will slow down anytime soon.

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The global boom in energy production driven by fracking and horizontal drilling is leading to a shortage of skilled workers. A new report by the human resources firm Mercer says two-thirds of oil and gas companies are now poaching employees from their competitors.

"The industry seems inclined when an individual is trained and developed by a competitor to, especially in the first five years of employment, go after that key talent, as opposed to training and developing their own,"  says Philip Tenenbaum, a senior partner at Mercer. 

He says in some cases, the practice has become quite overt.  

Texas' Income Gap Widens as Minority Populations Grow

Jan 28, 2014
Veronica Zaragovia, KUT

President Barack Obama delivers his State of the Union address tonight. He’s expected to make a big deal about economic mobility and reducing income inequality in the U.S.

But the challenges are substantial when it comes to narrowing the divide. Texas has the eighth highest level of income inequality,  based on 2010 Census data.

"In terms of Texas, we have a lot of upper end income inequality," says Mark Frank, an economics professor at Sam Houston State University. "We have a lot of income inequality because we have the top 1 percent or .01 percent."

Callie Richmond, flickr.com/thetexastribune

The leading Republican in the race to be the next Texas Governor has released his first major policy plan of the campaign. Attorney General Greg Abbott’s “Working Texas” plan includes several proposals for restraining state and local government spending. 

Parts of the plan are a nod to proposals in Governor Rick Perry’s 2012 Texas Budget Compact. That includes linking the state’s constitutional spending cap to population growth and inflation instead of growth in personal incomes.