economic drivers of texas
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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). - PowerPoint PPT PresentationTRANSCRIPT
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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.
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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.
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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.
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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.
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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
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Top 5 Industries by Number of FirmsIndustry Number of firms
Retail trade 76,787
Professional, scientific, and technical services 59,757
Health care and social assistance 59,193
Other services (except public administration) 48,097
Accommodation and food services 46,045
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Top 5 Industries by EmployeesIndustry Paid
employees
Health care and social assistance 1,280,332
Retail trade 1,127,032
Accommodation and food services 908,665
Waste management and remediation services 830,284
Manufacturing 730,551
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Top 6 Industries by PayrollIndustry Annual payroll
($1,000)
Health care and social assistance 51,168,478Professional, scientific, and technical services 40,436,455
Manufacturing 38,849,364
Finance and insurance 28,870,504Management of companies and enterprises 28,811,285
Wholesale trade 28,125,856
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Two Lenses• The CBP data looks at how big various sectors
are in Texas.• Concentration is a different way to measure
the impact.
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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
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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.
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Location Quotient
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Top Five Industry ClustersIndustry Location Quotient
Oil and gas extraction 5.9
Support activities for mining 5.6
Pipeline transportation 4.33
Funds, trusts and other financial vehicles 2.78
Petroleum and coal products manufacturing 2.78
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The Rest of the Top TenIndustry Location Quotient
Air transportation 1.67
Leather and allied product manufacturing 1.54
Support activities for transportation 1.51
Information and data processing services 1.42
Fishing, hunting and trapping 1.32
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The Next FiveIndustry Location Quotient
Computer and electronic product manufacturing 1.24
Wholesale trade, durable goods 1.21
Broadcasting and telecommunications 1.2
Management of companies and enterprises 1.18
Nonmetallic mineral product manufacturing 1.15
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Economic Drivers
Energy
ManufacturingServices
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Austin
Computer and electronic product manufacturing 4.09
Publishing industries 2.01
Information and data processing services 1.78
Wholesale trade, durable goods 1.63
Lessors of nonfinancial intangible assets 1.57
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Dallas-Fort Worth
Oil and gas extraction 3.05
Air transportation 2.78
Information and data processing services 2.45
Computer and electronic product manufacturing 2.11
Funds, trusts and other financial vehicles 1.82
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Houston
Pipeline transportation 10.22
Oil and gas extraction 8.44
Funds, trusts and other financial vehicles 8.29
Petroleum and coal products manufacturing 5.08
Support activities for mining 5.07
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San Antonio
Leather and allied product manufacturing 7.86
Information and data processing services 2.2
Management of companies and enterprises 1.79
Insurance carriers and related activities 1.65
Pipeline transportation 1.53
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Texas Wide Open for Business• Advanced Technology & Manufacturing• Aerospace, Aviation & Defense• Biotechnology & Life Sciences• Information & Computer Technology• Petroleum Refining & Chemical Products• Energyhttp://www.texaswideopenforbusiness.com/industries/index.php
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Economic Drivers
Energy
Services
Manufacturing
???
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Texas Exports (millions of dollars)
2009 Value 2010 Value 2011 Value 2012 Value
162,995
206,992
250,662 264,709
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Texas’ Top Markets
• Mexico• Canada• China• Brazil• Netherlands• South Korea
• Singapore• Colombia• Japan• Belgium
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Economic Drivers
Energy
Services
Manufacturing
Exports
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Questions?
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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