TEXAS Likely To LEAD Nation In Economic Growth

[Obama 2012 1,714]

This is going to piss a lot of people off on the left.

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http://www.wfaa.com/news/business/Texas-likely-to-lead-nation-in-economic-growth-107042958.html

AUSTIN – Texas lost hundreds of thousands of jobs last year as it stumbled through the deep national recession. But the state is likely to shine as the nation's economic growth leader over the next decade, according to research and forecasting firm IHS Global Insight.

Payroll employment in Texas is expected to expand 1.8 percent next year, tied for No. 1 nationally with Nebraska, according to the firm's projections.

The state's expected 2.2 percent annual job growth rate between 2010 and 2016 is also tied for first, but with Idaho, according to the firm.

"This is the decade in relative economic terms where Texas really dominates the U.S. economy," said Jim Diffley, who tracks U.S. regional economies for Lexington, Mass.-based IHS Global Insight. His remarks came at an economic outlook conference Tuesday in Austin.

The catch? The phrase "in relative terms."

Texas is apt to outperform the national economy in the coming years, thanks to its relatively mild housing bust, diversified economy and competitive business costs. But it will still take years for job growth to dent widespread unemployment.

The Texas jobless rate will probably remain above 6 percent in 2016, Diffley said. The state's unemployment rate fell to 8.1 percent in September, down from 8.3 percent the month before.

Moreover, growth in the U.S. economy in the coming years is likely to remain modest by historical standards.

"The next decade will be less fun than the 1990s and the 2000s," said Nariman Behravesh, chief economist at IHS Global Insight, also speaking at the conference.

The national jobless rate stood at 9.6 percent in October, unchanged from August and September. That's down from a 10.1 percent unemployment rate a year ago, but it's still near a 28-year high.

Meanwhile, job growth has been slow. Payroll employment nationwide has added fewer than 875,000 jobs this year after losing a combined 8.4 million jobs in 2008 and 2009.

Despite the continued weakness, Behravesh doesn't expect the U.S. economy to fall back into recession in the foreseeable future.

"I think a double dip is a very low likelihood at this point," he said.

As for Texas, not everyone is quite as upbeat as IHS Global Insight.

"Our economic forecast for Texas is a bit more conservative," said Gary Preuss, an economist at the Texas comptroller's office who attended the conference. "Compared to a traditional recovery after a recession, this will take longer than usual."

Preuss also echoed Diffley's point that Texas' unemployment rate will remain elevated for some time.

"It will come down, but it will come down slowly," Preuss said. "The labor force is growing almost as quickly as the number of jobs."

Diffley acknowledged that Texas faces other economic challenges as well, such as state budget woes.

But the state seems well-positioned to continue recovering from the recession.

Texas employers have added nearly 146,000 jobs this year, after slashing more than 350,000 jobs last year.

It's also one of four states where payroll employment is expected to reach pre-crisis levels by the end of next year, Diffley said.

The state is "No. 1 in many, many indicators," Diffley said. "Certainly No. 1 among the largest states."

[The_Dude 1,142]

This is going to piss a lot of people off on the left.

Paul, why would liberals get pissed off if a state is showing nice recovery and good projections for the next year? Is your mind so hyper-partisan that you think liberals want red states to fail for some feeling of smugness or superiority? Furthermore, this article is the projections of one man, hardly overwhealming evidence of anything. Finally, this is no indictment on liberalism. It's a good start for the people of the state of texas at this point, nothing more, nothing less.

[Obama 2012 1,714]

Paul, why would liberals get pissed off if a state is showing nice recovery and good projections for the next year? Is your mind so hyper-partisan that you think liberals want red states to fail for some feeling of smugness or superiority? Furthermore, this article is the projections of one man, hardly overwhealming evidence of anything. Finally, this is no indictment on liberalism. It's a good start for the people of the state of texas at this point, nothing more, nothing less.

the entire recession and how little it affected us here, is an indictment on liberalism and big government!

[The_Dude 1,142]

the entire recession and how little it affected us here, is an indictment on liberalism and big government!

How is that Paul? Do you really think the factors that caused the recession really began in January 07 when democrats won both houses?

[Obama 2012 1,714]

How is that Paul? Do you really think the factors that caused the recession really began in January 07 when democrats won both houses?

The factors began in the mid-90's under a Republican congress and a Democrat President....

[The_Dude 1,142]

The factors began in the mid-90's under a Republican congress and a Democrat President....

No paul, they began a decade before that with the lifting of many financial regulations and the appointment of a certain fed chairman.....

[Obama 2012 1,714]

No paul, they began a decade before that with the lifting of many financial regulations and the appointment of a certain fed chairman.....

most of the financial regulation changes that effected things were in the 90's... one major one under Bush sr, the rest under Clinton... partial Democrat/Republican congress' either way. Though the Clinton administration was given an ample opportunity to fix things in the late 90's before ####### happened. BUT people like Greenspan and Paulson made sure that the agencies who made suggestions of that nature were shut out/down...

Washington is broken and has been for a very long time, no matter who is in power.

[The_Dude 1,142]

Washington is broken and has been for a very long time, no matter who is in power.

You say that, yet you keep lobbing hyper partisan comments.........

[Heracles 417]

The country must be really hurting if that is what is considered a boom nowadays.

What are salaries like down in Texas? What is the Q.O.L like?

[Obama 2012 1,714]

The country must be really hurting if that is what is considered a boom nowadays.

What are salaries like down in Texas? What is the Q.O.L like?

great roads, cheap goods, affordable housing, awesome food, great entertainment, etc... QOL = Great!

[Heracles 417]

great roads, cheap goods, affordable housing, awesome food, great entertainment, etc... QOL = Great!

It's funny you say that because anyone on the executive level that has traveled to Texas for Biz, could not get out of there fast enough. Pretty-much all of them have the same negative views of the state and its residents. Stereotypes that are regularly reinforced by various posters on here.

Edited November 11, 2010 by Heracles

[Obama 2012 1,714]

It's funny you say that because anyone on the executive level that has traveled to Texas for Biz, could not get out of there fast enough. Pretty-much all of them have the same negative views of the state and its residents. Stereotypes that are regularly reinforced by various posters on here.

Keep dreaming man, keep dreaming.

[BishopM 114]

great roads, cheap goods, affordable housing, awesome food, great entertainment, etc... QOL = Great!

I have to agree with Paul. I grew up in TX. And, like alot of younger people just out of college (this was a bit back) I couldn't wait to get out of TX for the reasons which BY has stated: stereotypes and all the 'lore'.

However, after being out of TX for 15 years, I have to admit that I am quite impressed with TX now that I have a 'new set of eyes' to view the state. Particulary, I'm very impressed with Fort Worth and their revitalization. I can live where I want and at this moment I don't live in TX. However, if I ever move again and still have the freedom to live where I want, I would seriously consider moving to Ft Worth.

15 years ago you never would have heard me say that! Texas is the BEST!

[Heracles 417]

Keep dreaming man, keep dreaming.

Dreaming of what? When was the last time Texan cities were recognized for anything pertaining to actual Q.O.L, when compared to other international cities? You also still fail to grasp the concept of supply and demand, regarding the value of property. Much for the same reason coal is cheap versus platinum. There is a reason that seldom will you find professionals located in the first world choosing Texas for migration, versus NYC, Boston, Chicago, LA, Seattle and DC. Not trying to hate here either, just being a realist.

The majority of companies I hate are based out of Texas. E.G AT&T, AA, the oil companies, Dell etc etc.

Edited November 11, 2010 by Heracles

[BishopM 114]

Dreaming of what? When was the last time Texan cities were recognized for anything pertaining to actual Q.O.L, when compared to other international cities? You also still fail to grasp the concept of supply and demand, regarding the value of property. Much for the same reason coal is cheap versus platinum. There is a reason that seldom will you find professionals located in the first world choosing Texas for migration, versus NYC, Boston, Chicago, LA, Seattle and DC. Not trying to hate here either, just being a realist.

The majority of companies I hate are based out of Texas. E.G AT&T, AA, the oil companies, Dell etc etc.

Brother BY...

...Respect Texas...or WALK!

[/youtub

In my honest opinon, Texas is somewhat an intangible feeling/love...its the smell of the grass and the setting of the sun. This is the true Quality of Life which Texas presents which quite honestly I haven't found anywhere else.

Blessings,

Bji

Edited November 11, 2010 by BishopM