Governor Abbott: Texas needs new economic development program to stay competitive
DALLAS (CBSNewsTexas.com) – Before more than 400 people at the Dallas Regional Chamber luncheon in Dallas, Governor Greg Abbott praised the state's and the region's success in attracting new jobs.
Last week in Austin, Texas received Site Selection Magazine's economic development award for the 11th straight year.
But Abbott said Thursday the state program that helped secure corporate relocations has expired and that a new one is needed. "There's no reason why we cannot replace it with a similarly effective tool that actually is more strategic for the future of our state."
Matt Garcia, Sr. Vice President for Public Policy at the Dallas Regional Chamber, said there are 275 companies in the chamber's pipeline either looking to expand or relocate their corporate headquarters to the Dallas region.
Before COVID, there were 100 companies in the pipeline.
Garcia said, "We want to see that continue to grow so having a tool like this if it passes this session is extremely critical to that future growth."
Abbott pointed to a House bill and potential other legislation that will be filed to create a new economic development incentive program in Texas.
Opponents of the expired state economic development program criticized its lack of transparency and accountability.
Abbott urged business leaders to encourage lawmakers to act. "You should take five minutes out of your day to call your state representative and your state senator if you believe economic development tools are needed. You have the right and the necessity to be in that process."
Abbott said another incentive to lure businesses is to use nearly half of the state's $33 billion budget surplus to provide them with relief on their property taxes.
The state legislative session ends Memorial Day weekend.
