Friends – I don’t know about you but I get worn out by all the negative I read and hear in the news and across the internet. Don’t get me wrong. I know our nation has a lot of problems. But as we close out 2014, lets remember that it’s been a record-setting year for Texas and we have only better things to look forward to in our great state: • Texas’ economic output is over $1.5 trillion and growing – our Texas economy is roughly the same size as the economy of the nation of Australia. • Since the beginning of the recession, Texas labor force has grown at a rate of 10 times the U.S. labor force. Growth in energy, exports, professional and business services, manufacturing, and trade, transportation and utilities have helped drive this growth. • Employment growth is broad-based across industries and income groups – 2014 full-year job growth is expected to be 3.5% (strongest since 1998). • Unemployment rate is 4.9%, near a 6-year low and below the U.S. rate. • Texas has hit a new record of income per person. • Texas is the third-fastest growing state in the nation and added more people per state than any other. • Texas has the highest percentage of home mortgages with positive equity and the lowest share in the nation of underwater mortgages. • Construction contract values have reached a new record high. • Texas markets make up more than one-third of all new industrial construction in the country. • Oil & Gas production soars along with refining capacity and exports of petroleum products. • Texas is now the third largest producer of natural gas in the world and the sixth largest producer of crude oil. • 48% of all active land rigs in the United States are located right here in Texas. • Texas has a balanced state budget with over 8 billion in the Economic Stabilization Fund. • Texas is one of seven states that do not have income tax. • Out of the top 10 fastest growing cities in the nation – 4 of those cities are located right here in Texas (Austin, San Antonio, Houston, DFW) • And to top it all off, Terry and I were blessed with two more grandchildren this year and a great new son-in-law.
Posted on: Thu, 01 Jan 2015 04:43:00 +0000
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