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Previous Month MoM YoY
VITAL SIGNS
The unemployment rate rose in May, due in large part to declines in Federal employment as well as in the Professional, Scientific & Technical sector of the economy May Single-family permits rose by 4.4% yearover-year, while Multi-family permits slid to half their April totals Sales tax receipts dropped in May, but were in line with annual trends of growth Patent activity showed strength in June Capital area stock performance was negative, with weakness in the semiconductor industry
Bldg. Permits Single-Family Bldg. Permits Multifamily Sales Tax Receipts Patents Awarded
(May) (June)
(May)
(July 1)
(July 1)
291.40
182.89
293.99
192.86
-0.88%
1.11%
-5.17% -12.77%
Dive deeper into the data at DataPoints.org for sources, notes and other information.
3
4 5 5
12
10 21 38
2
4 10 10
2
16 21 21
8
23 19 6
5
4 21 18
Source: CNBC
Overall Rank
1 2 3 4
State
Technology Business Education Cost of Access to & Friendliness Living Capital Innovation
48 2 46 36 2 20 6 3 30 10 36 30 26 9 30 5 39 3 29 39
There is certainly a degree of merit in this explanation and 5 Utah 23 4 39 11 7 there is no doubt that it is an easy story to sell. Texass 5 Virginia 12 6 8 20 13 number two ranking by CNBC could easily be taken as mere Source: CNBC confirmation of what we all seem to already know about Texas that it is business friendly and cost competitive. However, a deeper look into even these rankings reveals a more complicated picture of what may or may not be making Texas a competitive place to do business.
The overall ranking prepared by CNBC is based on ten subcategories within which each state is ranked. Texas was ranked number one in two of these categories. Unsurprisingly, this included the conditions of the overall economy. The other, to the surprise of those who have been hearing concerns voiced about transportation and the availability of water in Texas, was Infrastructure. CNBC justified the states number one ranking in infrastructure by pointing to the ease with which
DATA POINTS
www.datapoints.org JULY 2013 www.capcog.org
IN FOCUS: Texas Still Among the Very Best for Business (continued)
goods can be shipped in the state (aided by several major costal and inland ports and by a very competitive freight rail system), as well as the current state of bridges, and the time spent commuting to work. Also highly ranked was the states Technology & Innovation (#2), Access to Capital (#3), and Cost of Living (#9). Texas was ranked much lower, however, in the two areas that are pointed to most often as the secret of Texass success. In Business Friendliness, Texas was ranked #20. In Cost of Doing Business, the state was ranked #35. While CNBC was quick to point out that Texas benefits from the lack of an income tax, the state relies on higher than average sales and property taxes and businesses often face higher electricity costs and office and retail rents. Issues relating to air and water quality as well as a large number of residents without health insurance led CNBC to rank Texas #41 in Quality of Life. Texas is undeniably among the very best states for business today, and an overall ranking of #2 on CNBCs coveted list certainly highlights this point. However, as is also highlighted by the rankings, there are numerous elements that determine a states competitiveness, and there may be more for the state to hang its hat on than the cost of doing business or its business friendliness. Perhaps equal attention may be owed to the states highly ranked and highly important technology access, innovation, access to capital and cost of living. SOURCE: CNBC
While the areas incredible barbecue might be enough on its own to keep Caldwell Countys economy running for as long as Central Texans have an appetite, efforts are currently underway to promote development that preserves the communitys heritage, improves quality of life and leads to an economy that is built to last. Throughout the past year, stakeholders in the City of Lockhart, the county seat of Caldwell, have been participating in the Sustainable Places Project a project being driven by a team that includes architects, planning consultants, the University of Texas, CAPCOG and others. The aim of the project is to develop new and more sophisticated ways to help communities plan for future development while working to identify the types of development that are achievable given existing regulations and the financial requirements of businesses and real estate developers. One of only four communities in the capital area that were selected to participate, Lockhart has seen the project lead from a roughly defined set of priorities to clear and achievable ideas about how to revitalize their central courthouse district and promote lasting economic development while improving local regulations. More about the project can be learned by visiting CAPCOGs website at: http://www.capcog.org/divisions/regional-services/SPP/
SOURCE: CAPCOG
SOURCE: CAPCOG