The Leader - March/April 2009 - (Page 60) SPECI AL FEATU RE Economic Anchors in the Storm: Texas, Arkansas and Louisiana Weather the Current Economy and Have a Major Role to Play in the Rebound BY BAILEY WEBB F or the most part, Texas, Arkansas and Louisiana have weathered the financial and economic woes that plague large swaths of the United States and world better than most. What's more, the region offers keys to overcoming those woes and will play a leading role in reigniting the U.S. economy. The reason? Momentum. Over the past decade, each state created growth engines fueled by business-friendly environments, comparatively low costs and entrepreneurship. Those factors retain their importance in today’s economic development environment but are no longer the sole focus. Today, cities, regions and states also must focus on attracting and retaining the best and the brightest, as well as emerging industries that are future economic cornerstones. Texas, Arkansas and Louisiana also present a tortoise-hare scenario, except this time with multiple winners. Texas, along with Northwest Louisiana, rode the energy industry’s booms and boosts in the 1970s and 1980s, but now boasts one of the most diverse economies in the U.S., all the while experiencing explosive job growth most of this decade and emerging as the U.S.’s top exporting state. Arkansas, for its part, has been more measured, but has quietly emerged as a hub for aviation and aerospace while taking advantage of its agricultural industry to become a global leader in food and biofuels. Each area has maintained and even grown advanced manufacturing, as well. Though Texas, Arkansas and Louisiana are enduring the same conditions as the rest of the U.S., the area also serves as a sort of buoy. “If we continue to create jobs, it helps fuel the overall economy,” said Mario Hernandez, president of the San Antonio Economic Development Foundation for more than 20 years. “Those kinds of characteristics will help keep our economy healthy and hopefully have a ripple effect throughout the country.” 2 0 0 9 THE LE ADE R 60 MARCH / APRIL
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