The Current State of the Texas economy

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A recent associated Press scrutinize on the cheaper by economists didn't paint a pretty picture. Home values are stagnant, consumers are still cutting back and not adequate jobs are being created. While all of this is true in Texas, too, the Lone Star state still seems to be weathering the economic "recovery" good than other states.

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In fact, Austin was the featured city in a recent Time magazine cover story on jobs. At a time when other cities are still shedding jobs, Austin is absolutely creating new jobs. The record featured tech, construction and power fellowships that are hiring in the Austin area. Innovation in these areas, particularly technology and energy, is what Time predicts will be the driving force behind future job creation across the country.

As the government offers tax incentives for fellowships that are hiring, Time posits that plan puts attempt and money in the wrong area. According to the article, the emphasis shouldn't be on the actual jobs that will be created, but rather on the ideas that will continue to create jobs well into the future. It's a worthy notion, just difficult to quantify when every person wants hard numbers on the future of the country's economy.

Part of what Austin has done right is to sustain small businesses and request larger fellowships to work in the city, such as Facebook, Inc being offered incentives to open an office in Austin. The Small enterprise amelioration agenda is a good example of an Austin initiative that helps entrepreneurs get businesses up and running with retain services.

Texas has also benefited from not being part of the boom and bust experienced by states like Florida and Nevada. Texas absolutely grew while the first part of the decade, but, for the most part, the increase was steady rather than meteoric. Home prices increased, but they didn't soar like the home values in California.

Unemployment nationwide is staggering to rise again before the end of 2010, but the unemployment rate in Texas is below the national mean and has a good occasion of keeping steady. Even with citizen bright to Texas from other states, jobs continue to be ready and new jobs are being created.

Foreclosures are still on the rise across the country, and home prices are not staggering to increase anytime soon. Texas has absolutely seen its fair share of foreclosures, but so far the housing store has remained mostly stable, although weaker than in the mid 2000s.

Technology and green jobs are staggering to be the best path to job and economic increase in the future and Texas seems to be headed down that road already. Start-ups in wind and solar power can be found across the state and Austin is considered a mini Silicon Valley. As Texas continues to hone its economic salvage skills, hopefully the rest of the country will follow.

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