Posted 1:06 am Friday, January 23, 2009
Combs: Texas In Good Shape, But Vulnerable
By ADAM RUSSELL
Staff Writer
"Texas is really, really, no kidding, doing better than any other state," State Comptroller Susan Combs announced to about 40 business, education and community leaders inside the Texas Room at Tyler Junior College's West Campus on Thursday.
Staff Writer
"Texas is really, really, no kidding, doing better than any other state," State Comptroller Susan Combs announced to about 40 business, education and community leaders inside the Texas Room at Tyler Junior College's West Campus on Thursday.
Ms. Combs said though Texas is not impervious to a slumping national economy, generally the state lags behind the curve on the downturn and recovers quicker during the upswing.
There were several factors that led to Texas' relative economic stability, she said.
She said the oil and gas bust in the late 1980s convinced Texas' business and legislative leaders that diversification of industry and commerce was in the best interest of the state.
The following fundamental changes in the economic base within the state led to the Texas economy avoiding massive budget shortfalls that other states, such as California and New York are facing, she said.
The avoidance, by smaller community banks, of making toxic loans, as well as fewer home foreclosures statewide also contributed, she said. Legislators' willingness during recent sessions to put billions of dollars into the Rainy Day Fund and for property tax relief and to control spending also helped the state avoid a shortfall.
Ms. Combs said all news is not good. She expects 111,000 Texans to lose their jobs in the first half of 2009 but expects the economy to pick up toward the end of the calendar year. Because of big gains in state sales tax revenue - more than 12 percent, 10 percent and 6 percent in previous years, -the average revenue growth of 2.9 percent is just "less up - not down," Ms. Combs said.
She said job creation is one of her goals moving forward and that Texas has "a tremendous amount of opportunity" even though national outlooks may appear grim.
One thing she hopes legislators will push during the 81st Legislative Session is the need for an educated workforce. From technical training to two-year and four-year colleges, students and parents need to be aware of workforce options, Ms. Combs said.
The comptroller's report on Texas' job market showed that 80 percent, more than 8 million jobs, do not require bachelor's degrees and that the state, educators and anyone concerned with the long-term well-being of the state's economy and workforce should be anxious to jump on board with her training and education initiatives.
"I want everyone to know that these jobs are enormously important to the economic engine," she said.
Today Ms. Combs will make stops in Athens at the East Texas Arboretum and Botanical Society Women's Center from 8:30 to 9:30 a.m.; in Palestine at the Ben E. Keith Community Room from 10:30 to 11:30 a.m.; in Nacogdoches at the Hotel Fredonia Part B Ballroom from 1 to 2 p.m. and make her final stop from 2:30 to 3:30 p.m. at Angelina College's Community Services Building Conference Center in Lufkin.
