The Leader - March/April 2009 - (Page 62) ECONOMIC ANCHORS IN THE STORM: TEXAS, ARKANSAS AND LOUISIANA WEATHER THE CURRENT ECONOMY AND HAVE A MAJOR ROLE TO PLAY IN IMPENDING REBOUND Sector Clusters in Texas Clusters are one of the foundations for job and economic growth for Texas and its neighbors. Texas’ concentrates on aerospace and defense; advanced technologies and manufacturing; biotechnology and life sciences; energy; information and computer technology; and petroleum refining and chemical products, capitalizing on the state’s obvious strengths in the energy sector, defense and aerospace clusters in San Antonio and Dallas/Fort Worth and established technology hubs like the Austin area. As well as capitalizing on both its strengths and emerging industries, the Texas Department of Economic Development has an arsenal of incentives to help new and expanding businesses. The Texas state legislature created the Texas Enterprise Fund (TEF) in 2003 – and reauthorized it in 2005 – to supplement the state’s economic development efforts. Candidates seeking TEF approval must meet certain benchmarks regarding capital investment, job creation, wages generated, financial strength, business history, analysis of relevant business sectors and a project’s federal and local government and private-sector financial support. Since the TEF’s inception, fund-backed projects have generated more than 51,000 new jobs and $13.6 billion in capital investment on the state’s $366 million investment. On the frontier of burgeoning technologies, Texas’ Emerging Technology Fund (ETF) is designed to expedite the development and commercialization of new technologies and to attract and create high-tech jobs. The ETF focuses on three main investment areas: increasing research collaboration through the state’s Regional Centers of Innovation and Commercialization; matching research grant funds; and attracting research talent. Through mid 2008, the ETF had allocated more than $110 million in grant funds to Texas companies and universities. Since Governor Rick Perry formalized the effort to build clusters in 2004, capitalizing on the two economic-development funds, Texas’ wins include Caterpillar’s selection of Seguin for a $180 million manufacturing plant, which will create more than 1,400 jobs; Total Petrochemicals USA’s investment of more than $2 billion in a Port Arthur refinery; Flight Safety International’s $116 million flight simulator in Irving; denim manufacturer Santana Textiles’ $170 million operation in Edinburg that created 800 jobs; 2 0 0 9 THE LE ADE R 62 MARCH / APRIL http://www.mansfield-texas.com http://www.mansfield-texas.com
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