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Economic Drivers of Texas

Economic Drivers of Texas. The opinions expressed are solely those of the presenters and do not reflect the opinions of the Federal Reserve Bank of Dallas or the Federal Reserve System. . TEKS (7 th Grade Texas History).

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Economic Drivers of Texas

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  1. Economic Drivers of Texas The opinions expressed are solely those of the presenters and do not reflect the opinions of the Federal Reserve Bank of Dallas or the Federal Reserve System.

  2. TEKS (7th Grade Texas History) (12) Economics. The student understands the factors that caused Texas to change from an agrarian to an urban society. The student is expected to: (A) explain economic factors that led to the urbanization of Texas; (B) trace the development of major industries that contributed to the urbanization of Texas such as transportation, oil and gas, and manufacturing; and (C) explain the changes in the types of jobs and occupations that have resulted from the urbanization of Texas.

  3. TEKS (7th Grade Texas History) (13) Economics. The student understands the interdependence of the Texas economy with the United States and the world. The student is expected to: (A) analyze the impact of national and international markets and events on the production of goods and services in Texas such as agriculture, oil and gas, and computer technology; (B) analyze the impact of economic concepts within the free enterprise system such as supply and demand, profit, government regulation, and world competition on the economy of Texas; and (C) analyze the impact of significant industries in Texas such as oil and gas, aerospace, medical, and computer technologies on local, national, and international markets.

  4. Urbanization • Urbanization is the story of a transformation of the Texas economy. • Old story of cattle, cotton and oil has given way to a new narrative. • New story is driven by jobs in the urban centers.

  5. Where Texans Work • County Business Patterns (CBP) examines local economic data by industry. • Number of firms • Number of paid employees • Payroll • Uses North American Industry Classification System (NAICS) • Excludes farming and railroads, along with household jobs • http://www.census.gov/econ/cbp/index.html

  6. Top 5 Industries by Number of Firms

  7. Top 5 Industries by Employees

  8. Top 6 Industries by Payroll

  9. Two Lenses • The CBP data looks at how big various sectors are in Texas. • Concentration is a different way to measure the impact.

  10. Industry Clusters • Geographically concentrated groups of companies related by • the technologies they use • the markets they serve • the goods and services they produce • the labor skills they require

  11. Location Quotient • Ratio of Local Employment Concentration to National Concentration within a sector. • Numbers greater than 1 indicate a greater concentration than the nation as a whole. • Numbers less than 1 indicate a lesser concentration than the nation as a whole.

  12. Location Quotient

  13. Top Five Industry Clusters

  14. The Rest of the Top Ten

  15. The Next Five

  16. Economic Drivers

  17. Austin

  18. Dallas-Fort Worth

  19. Houston

  20. San Antonio

  21. Texas Wide Open for Business • Advanced Technology & Manufacturing • Aerospace, Aviation & Defense • Biotechnology & Life Sciences • Information & Computer Technology • Petroleum Refining & Chemical Products • Energy http://www.texaswideopenforbusiness.com/industries/index.php

  22. Economic Drivers

  23. Texas Exports (millions of dollars)

  24. Texas’ Top Markets • Mexico • Canada • China • Brazil • Netherlands • South Korea • Singapore • Colombia • Japan • Belgium

  25. Economic Drivers

  26. Questions?

  27. For more information • For data about the regional and national economy, see: www.dallasfed.org • For information about key Texas industries, see: http://www.texaswideopenforbusiness.com/industries/index.php • For industry profiles, see: http://governor.state.tx.us/ecodev/business_research/industry_profiles/%20 • To learn about industry classifications, see: http://www.bls.gov/iag/home.htm • For export data, see: http://www.census.gov/foreign-trade/statistics/state/data/tx.html

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