Dallas Fed Pres: Texas Continues To Outpace U.S. In Job Growth
DALLAS (CBSDFW.COM) - When it comes to jobs, the Lone Star State for years has far outshined California, the Golden State.
On Sunday, Governor Rick Perry begins a four day trip to San Francisco, the Silicon Valley, Los Angeles, and Orange County to meet with several businesses to lure them to Texas.
Richard Fisher has been President and CEO of the Federal Reserve Bank of Dallas since 2005. "We're a growth mecca," he says.
Fisher says Texas created most of the private sector jobs in 2009 and 2010. "We're out-producing them in jobs in every income sector, high income, low income, middle income, something is right here."
Fisher credits the state's pro-business regulations and low taxes.
Because of that, he says CEO'S of companies from California have been visiting his office near downtown to meet with him to find out about Texas. "I can't tell you how many young people and big businesses come to see me to talk about relocating here, including in the high technology center from California, which is new."
He says it's not just California, but businesses from Illinois, Michigan, and New York that are coming here too.
Greatbatch, a medical device company with 3500 employees worldwide relocated its corporate headquarters to Frisco from Buffalo, New York last year.
Their Chief Technology Officer, Dan Kaiser praised the area for its workforce, education, "The business climate, the ability to travel, all is very well-positioned here in this area."
Fisher says the other states need to become more like Texas. He says the underlying problem is, Congress and the President need to reform tax laws, so that companies will want to expand, instead of keeping their money in the bank.
When asked if he believes there is still too much uncertainty out there among businesses, Fisher said, "Yes, I do. And if you talk to business leaders, whether it's small business, the National Federation of Independent Businesses, or giant corporations, they'll tell you that. But the one place where they feel comfortable investing is here in Texas."
The U.S. unemployment rate in January was 7.9 percent. That's a full two points higher than the 5.9 percent unemployment rate in the Dallas-Fort Worth area in December.
Fisher says that number would still be lower here, if it weren't for all of the new people moving to Texas, looking for work.
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