A Report to the Citizens of Texas: 2012 Page: 4
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Texas Prospects & Concerns
Economy
Texas has advantages that have enabled it to
grow faster than the nation for many years -
relatively low living costs, an attractive business
climate and a balanced mix of industries. These
advantages remain and will allow the state to
outperform the nation over the next biennium
and beyond.
Despite the still-precarious national economy,
Texas' economy is predicted to grow by 3.4
percent in both fiscal 2013 and 2014, a pace
comparable to the average of the last 30 years.
As a stronger economic recovery takes hold
nationally, Texas economic growth is forecast to
reach 3.9 percent in 2015. Texas personal income
is forecast to increase by 5.3 percent in 2013,
5.1 percent in 2014 and 5.3 percent in 2015.
Water
In a normal year, Texas receives an average
of about 27 inches of rainfall across the state,
with much more falling in the eastern part of
the state (up to 55 inches) than in the west (about
10 inches). Such rainfall usually provides enough
water for both rural and urban needs.
The current water deficit (marking 2011 as
the worst single-year drought in Texas since
recordkeeping began) may prove to be one of the
most devastating economic events in our history.
Estimates put direct and indirect drought losses
at well over $10 billion to date. Texas officials
want to update the state's water infrastructure
to help the state meet its future
water needs.., .,
Q 4Transportation
In 2010, the Texas Transportation Institute
evaluated the state's capacity-based highway needs
through 2035 and estimated the amount needed
to inspect, maintain and replace existing highways
and bridges to be $370 billion.
Funding sources available to the state for
transportation needs include direct user fees
(tolls, transit fares), indirect user fees (motor fuel
taxes, registration fees), general taxes (dedicated
sales taxes to support transit), federal funds and
bonds. Facing the challenge of limited funding
and growing demand, the Texas Department
of Transportation suggests these strategies:
1. Focus available funds on the most
cost-effective investments.
2. Manage the transportation system to
encourage changes in how people travel.
3. Develop partnerships for providing
transportation improvements.
Public Education
A major policy issue facing Texas is funding for
public education. The Texas Constitution requires
the state to establish and make suitable provisions
for the support and maintenance of an efficient
system of public free schools. After actions taken
by the 82nd Legislature regarding school funding,
more than two-thirds of Texas' school districts and
the Texas Charter School Association chose to sue the
state in five separate lawsuits. In February 2012, a
Texas District Court ruled the school finance system
unconstitutional, prompting a possible appeal to the
Texas Supreme Court. Public school funding will be
an important area of budgetary focus in the
83rd Legislature.
weV lUG
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2012
Real Gross State Product - total value
of goods and services produced (Billions)
Annual Perce'nt Change$1,362.9
5.82013
$1,433.7
5.22014
$1,510.4
5.32015
$1,597.9
5.8L Taxable Oil Price ($ per barrel) $91.96 $85.00 $82.18 $80.33
Taxable Natural Gas Price ($ per MCF) $3.51 $3.10 $3.68 $4.04
Nonfarm Employment 10,735,981 10,967,456 1 I,202,199 11,467,845
Annual Percent Change 2.2 2.2 2.1 2.4
Unemployment Rate (percent) 7.3 6.3 6.1 6.0
Nonfarm Employment does not include farm workers, self-employed proprietors, domestic household workers or non-civilian
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Texas. Comptroller's Office. A Report to the Citizens of Texas: 2012, report, 2012; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth838710/m1/4/: accessed June 26, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.