Published: 11-03-08
AUSTIN – Gov. Rick Perry today met with leaders of key trade associations to hear first-hand how the current national economic situation is impacting Texas industries. It was the first of several meetings Gov. Perry will hold with industry leaders from across the state.
“Although our economy remains one of the strongest in the nation it is still interlaced with economies of other states that are suffering and we must continue to monitor the current financial situation closely” Gov. Perry said. “By meeting directly with industry leaders I can gain a better understanding of how Texas industries are faring and what they expect to see in the marketplace in the near future.”
The governor was joined by representatives from several trade associations including the Independent Bankers Association of Texas Texas Association of Business Texas Association of Manufacturers Texas Association of Realtors Texas Bankers Association and Texas Credit Union League.
The diversity of Texas’ economy has prepared the state to withstand the current instability in the national economy and stronger guidelines for home equity borrowing and lending have resulted in Texas retaining some of the lowest levels of mortgage defaults among the nation’s top 10 most populous states.
The Financial Times recently ranked 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; has an unemployment rate of 5 percent a full percentage below the national average; and is home to more Fortune 500 headquarters than any other state in the nation. The governor attributed the relatively strong Texas economy to the state’s disciplined principled policies of limited growth in spending low taxes and reasonable regulatory climate that have fostered an environment that encourages job creation.
While Texas remains in a substantially better economic position than other states in a turbulent national economy Gov. Perry continues working with the public and private sectors to identify opportunities to maintain and enhance Texas’ economic edge and competitive position in the global marketplace.
