TEXAS ECONOMIC GROWTH TRENDS Office of the Governor – Economic Development & Tourism Key...
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![Page 1: TEXAS ECONOMIC GROWTH TRENDS Office of the Governor – Economic Development & Tourism Key Industries and Regions - 2014.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649dd15503460f94ac7bd2/html5/thumbnails/1.jpg)
TEXAS ECONOMIC GROWTH TRENDS
Office of the Governor – Economic Development & Tourism
Key Industries and Regions - 2014
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Market Texas as a leading business location Advertising and business recruitment trips
Assist companies looking for sites or buildings in Texas
Provide business incentives
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Factors Affecting Growth
Historical drivers of Texas growth expected to drive future growth
Climate Natural resources – Oil & gas Business environment Foreign trade – Mexico
Expansion of existing Texas businesses Attraction of out-of-state businesses
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Past Decade of U.S. Job Growth
New York: 8%
California: 5%
Florida: 5%
Washington: 5%
Net New U.S. Jobs by Location, 2003-2013
Texas: 30%
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Key Growth Industries in Texas Oil & Gas Extraction Manufacturing
Fabricated Metal Products
Machinery Refined Petroleum &
Chemicals
Professional Services IT Services & Data
Centers
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Texas Crude Oil Production, 1981-2013
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Oil & Gas
Texas rank in US: No. 1
85,000 jobs added in Texas (+44%) since 2010 Job multiplier effect: 2.7
Big share of Texas economy 14% of state GDP in 2012 vs. 7% in 2000
Key: Oilfield Services
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Oilfield Services – Job Growth by Region (2010-2013)
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Fabricated Metal Products
Texas rank in US: No. 2 24,500 jobs added in Texas (+22%) since
2010 Job multiplier effect: 2.3
Key: Steel Pipe and Structural Metals Supplying Oil & Gas industry and others
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Fabricated Metal Products – Job Growth by Region (2010-2013)
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Machinery
Texas rank in US: No. 1 16,000 jobs added in Texas (+39%) since
2010 Job multiplier effect: 2.6
Key: Oilfield Machinery
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Oilfield Machinery – Job Growth by Region (2010-2013)
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Refined Petroleum & Chemicals Texas rank in US: No. 1 5,500 jobs added in Texas since 2010
Multiplier effect: 8.5
Refined petroleum exports up 72% since 2010
Billions in new chemical plant investments planned on Texas Gulf Coast
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Chemicals – Job Growth by Region (2010-2013)
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Example Manufacturing Expansions in TexasCompany Sector Location Investm
entTenaris Steel Pipe Houston/Gulf $1.5 billion
Voestalpine Steel Corpus Christi$700
million
Borusan Mannesman
Steel Pipe Houston/Gulf$150
million
WeatherfordOil/Gas Machinery
Houston/Gulf$100
million
National Oilwell Varco
Oil/Gas Machinery
Houston/Gulf NA
Mitsubishi Heavy Ind.
Oil/Gas Machinery
Houston/Gulf NA
Dow Chemical Chemicals Houston/Gulf $2.5 billion
Exxon Mobil Chemicals Houston/Gulf $2.0 billion
Ascend Performance
Chemicals Houston/Gulf $1.3 billion
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Manufacturing Highlights
Houston region dominating recent growth More than half of Texas’ new mfg. jobs since
2010
Midland-Odessa industrial base surging Manufacturing jobs up by one-third since 2010
Manufacturing growth weak in some small metros Tyler, Temple, Lubbock
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IT Services and Data Centers Texas rank in US: No. 2 36,000 jobs added in Texas (+29%) since
2010 Job multiplier effect: 2.0
Key: IT Outsourcing and Software
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IT Services – Job Growth by Region (2010-2013)
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Example IT Services Expansions in TexasCompany Sector Location Jobs
Apple Electronics/Software
Austin 3,600
National Instruments
Electronics/Software
Austin 1,000
IBM Electronics/Software
Austin 900
USAA Corporate IT Dallas-Fort Worth 680
Company Sector Location Investment
Digital Realty Data Centers Dallas-Fort Worth$100
million
CyrusOne Data Centers Dallas-Fort Worth $45 million
Stream Data Centers
Data CentersHouston/Gulf Coast
$35 million
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Summary
Industry Job Growth (since 2010)
Job Multiplier
Primary Regions
Oil & Gas 44% 2.7
Houston, Coastal Bend, Eagle Ford,
Permian Basin, North Texas
Fabricated Metals
22% 2.3 Houston, DFW, East Texas, Permian Basin
Oilfield Machinery
39% 2.6 Houston, DFW, Permian Basin
Refineries & Chemicals
7% 8.5
Houston, DFW Beaumont-Port
Arthur, Corpus Christi
IT Services 29% 2.0 Austin, DFW, Houston
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Eric ClennonManager of Business Research
Economic Development and Tourism DivisionOffice of the Governor