Perry Meets with Industry and Labor to Assess Impact of National Economy on Texas

Meeting consensus is that Texas is well positioned to ride out the current economic downturn.
Dec. 17 AUSTIN – Gov. Rick Perry today met with leaders of key trade associations and labor unions to hear first-hand how the current national economic situation is impacting Texas’ industries and workers. This is the fourth meeting Gov. Perry has held with industry and state leaders to discuss the future of the Texas economy.

“Texas has created and maintained a business-friendly environment that continues to attract companies and support innovation and competitiveness,” Gov. Perry said. “As we continue to weather the turbulent national economy, maintaining our private and public collaboration is essential to ensuring future prosperity for all Texans.”

The governor was joined by representatives from several trade associations and worker’s unions, including the Texas Apartment Association, Texas Chemical Council, Texas Oil and Gas Association, Texas Travel Industry Association, Air Line Pilots Association, Associated General Contractors, and Plumbers and Pipe Fitters Union.

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.

Thanks to disciplined, principled policies of limited growth in spending, low taxes and a reasonable regulatory climate, Texas continues to be a leader in job creation. From October 2007 to October 2008, the U.S. lost over 1.1 million net jobs while Texas created more than a quarter of a million net new jobs. Texas’ unemployment rate is nearly a full percentage below the national average, and the Lone Star State is home to more Fortune 500 headquarters than any other state in the nation.

While Texas remains in a substantially better economic position than other states in the turbulent national economy, Gov. Perry continues to work with the public and private sectors to identify opportunities to maintain and enhance Texas’ economic edge and competitive position in the global marketplace.