Ginn Economic Brief: Texas Economy for June 2022

Since the severe spring 2020 shutdown recession, Texas has been a leader in economic recovery. This includes reaching new record highs in total nonfarm employment for 7 straight months, leading exports of technology products for 20 consecutive years, and being home to 54 of the Fortune 500 companies. Fortunately, the 87th Texas Legislature supported the recovery with the passage of many pro-growth policies like the nation’s strongest state spending limit, but there is more to do to remove barriers placed by state and local governments for Texans to reach their full potential. Solutions include governments passing responsible budgets and returning surplus tax dollars collected to taxpayers by reducing maintenance and operations property taxes until they are eliminated. Given the laboratory of competition in the U.S. system of federalism, other states are cutting, flattening, and phasing out taxes, so Texas must make bold reforms to support more opportunities for people to prosper, lower the rapidly rising costs of living, and withstand bad economic effects from policies out of D.C.

https://www.texaspolicy.com/texaseconomy/