Ten-Gallon Economy Sizing Up Economic Growth

Texas' economic growth has consistently outpaced that of the United States as a whole over the past quarter century. What accounts for the state's economic success? And does it come at a price to be paid in the future? Ten-Gallon Economy features new research on regional economic growth and some surprising findings on Texas' unique tax and banking institutions, booming energy and export sectors, vibrant labor market, expanding demographics and human capital, and growing border economy. Texas has a dynamic economy, large yet flexible, but it is still subject to the booms and busts of the energy sector, which exercises an outsized influence. Taxes are low but regressive relative to national benchmarks, which fuels growth but can inhibit investment in education and health. Meanwhile, Texas, as one of only five minority-majority states, is poised to reap a big demographic dividend if it invests wisely in the coming generation of mostly Latino workers. Taken together, the chapters in this volume provide unique insight into the economy of the nation's second-largest state, laying out some of the choices facing policymakers charged with safeguarding the Texas growth premium for future generations.

Pia Orrenius is Vice President and Senior Economist at the Federal Reserve Bank of Dallas, USA, where she leads the regional group that tracks economic growth and development in the Eleventh District. Orrenius has published extensively on the Texas economy, immigration, and labor markets, and is Executive Editor of the Dallas Fed publication Southwest Economy.

Jesús Cañas is Business Economist at the Federal Reserve Bank of Dallas, USA. As member of the regional group he analyzes the regional economy. His research at the Fed also focuses on issues pertaining to the Mexican economy, the U.S.-Mexico border economy, and the maquiladora industry. Cañas has written articles for various Federal Reserve Bank publications and academic journals such as Annals of Regional Science and Growth and Change. Cañas holds a BA in Economics and Finance and an MS in Economics from the University of Texas at El Paso, USA.

Michael Weiss is Senior Writer/Editor in the Research Department of the Federal Reserve Bank of Dallas, USA, and edits the quarterly, Southwest Economy. He holds an MBA in Finance from the University of Texas at Arlington, USA, an MS in Journalism from Columbia University, USA, and a BA in Public Affairs from The University of Chicago, USA.

PART I: INTRODUCTION
1. Tipping Our Hats to the Ten-Gallon Economy; Pia M. Orrenius, Jesús Cañas, Michael Weiss
PART II: PUBLIC POLICY AND BUSINESS CLIMATE
2. Increasing Jobs and Income from Work: The Role and Limitations of Public Policy; David Neumark
3. Why Texas Grows Faster: The Role of Smaller Government; Jason Saving
4. The Shortcomings of the Texas Margin Tax; Alan D. Viard
PART III: HUMAN CAPITAL AND LABOR MARKETS
5. Texas' Education Challenge: A Demographic Dividend or Bust?; Marta Tienda
6. Oil Boom Lowers Human Capital Investment in Texas; Anil Kumar
7. Employment Growth and Labor Market Polarization in the U.S. and Texas; Melissa LoPalo, Pia M. Orrenius
PART IV: INDUSTRY AND EXPORTS
8. Texas Real Estate: From the 1980s' Oil Bust to the Shale Oil Boom; John V. Duca, Michael Weiss, Elizabeth Organ
9. The Evolution of Texas Banking; Kory Killgo and Kenneth J. Robinson
10. The Impact of Changing Energy Prices on the Texas Economy; Mine K. Yücel, Michael Plante, Amy Jordan, Nicole Lake
11. Texas Comparative Advantage and Manufacturing Exports; Jesús Cañas, Luis Bernardo Torres Ruiz, Christina English
PART V: BORDER AND ECONOMIC DEVELOPMENT
12. So Close to Mexico: Economic Spillovers Along the Texas–Mexico Border; Roberto Coronado, Marycruz De León, Eduardo Saucedo
13. Border Economic Recovery Lags Rest of State; Keith R. Phillips and Christopher Slijk
14. Las Colonias Along the Texas–Mexico Border; Jordana Barton, Elizabeth Sobel Blum, Emily Ryder Perlmeter, Raquel R. Márquez

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Ten-Gallon Economy Sizing Up Economic Growth in Texas

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