Texas creates almost half of jobs in country

[Mr. Big Dog 10,747]

Yep, compared to the rest of the country.

Seeing that TX' population has grown at about twice the rate of the nation, the answer would then appear to be more immigration. And seeing that one of the things that really helped TX out when the housing bubble went bust - everywhere but in TX - are the state's unusually strong mortgage regulations, we should consider more regulation. There, done.

[mawilson 2,133]

Seeing that TX' population has grown at about twice the rate of the nation, the answer would then appear to be more immigration. And seeing that one of the things that really helped TX out when the housing bubble went bust - everywhere but in TX - are the state's unusually strong mortgage regulations, we should consider more regulation. There, done.

Not really.

[Mr. Big Dog 10,747]

Not really.

Not really what? Population growth doesn't result in job growth? Or tight mortgage regulations didn't play any part in Texas avoiding a housing crash as was experienced in AZ, FL, CA and NV?

[mawilson 2,133]

Not really what? Population growth doesn't result in job growth? Or tight mortgage regulations didn't play any part in Texas avoiding a housing crash as was experienced in AZ, FL, CA and NV?

Immigration wasn't the only factor responsible for job growth.

[Mr. Big Dog 10,747]

Immigration wasn't the only factor responsible for job growth.

Where did the 20% population growth come from if not from migration? And how can you say with certainty that this population growth is not the determining factor? Florida had awesome job growth when people were flocking to the state and when 1,000 new residents settled here each and every day. This stopped back in 2007 and so has job creation in the state. That ain't a co-incidence, there's a positive correlation between population growth and job creation.

[Dan and Judy 614]

Not really what? Population growth doesn't result in job growth? Or tight mortgage regulations didn't play any part in Texas avoiding a housing crash as was experienced in AZ, FL, CA and NV?

I dont think it was tight mortgage regulations, They were happy to give my 22 year old son a $100,000 mortgage with nothing down. He earns $10 an hour. That's after the poop hit the fan.

before the poop hit the fan, The house next door to me that is worth roughly $100,000 was purchased for $110,000 using some double mortgage scheme. When the neighbors disappeared

I investigated some public records. There are more repos here than you can shake a stick at. I only see whats going on in this area. Don't have any statistics handy.

There is a company here that also has a factory in Detroit. They are going to close the detroit factory and some of the people from detroit will come here. So the number of employed people

in this town will go up. No doubt that is a plus for Texas but Im not sure I consider that job creation.

[Mr. Big Dog 10,747]

I dont think it was tight mortgage regulations, They were happy to give my 22 year old son a $100,000 mortgage with nothing down. He earns $10 an hour. That's after the poop hit the fan.

before the poop hit the fan, The house next door to me that is worth roughly $100,000 was purchased for $110,000 using some double mortgage scheme. When the neighbors disappeared

I investigated some public records. There are more repos here than you can shake a stick at. I only see whats going on in this area. Don't have any statistics handy.

There is a company here that also has a factory in Detroit. They are going to close the detroit factory and some of the people from detroit will come here. So the number of employed people in this town will go up. No doubt that is a plus for Texas but Im not sure I consider that job creation.

Both Atlanta and Dallas added massive amounts of housing over the last decade, which prevented prices from rising and forming a bubble. But Texas and Georgia do have very different rules on mortgage lending, and so despite the similarity in price performance during the housing boom, the two states have experienced sharply diverging fortunes where defaults and foreclosures are concerned.

Georgia is among the states hardest hit by delinquencies; there is one foreclosure filing for every 356 homes. Texas is performing much better, only one in 781 homes has had a foreclosure filing. Georgia currently ranks 7th in the nation for foreclosures; Texas is 26th.

And the Dallas Fed opines:

Due to the state’s strong predatory lending laws and restrictions on mortgage equity withdrawals, a smaller share of Texas’ subprime loans involve cash-out refinancing, which reduces homeowner equity and makes default more likely when mortgage payments become unaffordable.

As for the job-relocation to Texas - that's part of the Texas job creation of the last decade. Doesn't do a thing nationally, it's just taking from Peter to give to Paul. It helps Texas grow it's population which, in turn, will create jobs in the state. It'll be a rough time when the heavy moving to the state stops - and it eventually will.

[mawilson 2,133]

Where did the 20% population growth come from if not from migration? And how can you say with certainty that this population growth is not the determining factor? Florida had awesome job growth when people were flocking to the state and when 1,000 new residents settled here each and every day. This stopped back in 2007 and so has job creation in the state. That ain't a co-incidence, there's a positive correlation between population growth and job creation.

There is a correlation, but it's not the only factor.

The population of Arizona has increased by 24.6% since 2000 - more than Texas - the second largest percentage increase after Nevada which had a 35.1% increase over the same period.

What are the job growth rates in Arizona and Nevada? (Hint: nowhere near Texas)

[Mr. Big Dog 10,747]

There is a correlation, but it's not the only factor.

The population of Arizona has increased by 24.6% since 2000 - more than Texas - the second largest percentage increase after Nevada which had a 35.1% increase over the same period.

What are the job growth rates in Arizona and Nevada? (Hint: nowhere near Texas)

Nowhere near Texas? Let's take a look, shall we?

Nevada is about 1/10 the size of Texas populationwise. Nevada has added somewhere in the neighborhood of 150K jobs since 2000. For a state with a tenth the population of Texas, that's not bad. 150K * 10 = 1.5M > 1.0M (the Texas "miracle").

Arizona is about 1/4 the size of Texas from a population point of view. Jobs in AZ have risen from 2.2M in 2000 to roughly 2.6M in 2011. That's a gain of 400K jobs. 400K * 4 = 1.6M > 1.0M (the Texas' "miracle").

You're right. They're nowehere near Texas, they're both far above Texas.

[mawilson 2,133]

Nevada is about 1/10 the size of Texas populationwise. Nevada has added somewhere in the neighborhood of 150K jobs since 2000.

No, they didn't.

Private sector employment in Nevada:

2010 Annual Nevada 05000000 Total Private Not Adj 960,700

2009 Annual Nevada 05000000 Total Private Not Adj 989,800

2008 Annual Nevada 05000000 Total Private Not Adj 1,101,400

2007 Annual Nevada 05000000 Total Private Not Adj 1,135,500

2006 Annual Nevada 05000000 Total Private Not Adj 1,129,400

2005 Annual Nevada 05000000 Total Private Not Adj 1,078,800

2004 Annual Nevada 05000000 Total Private Not Adj 1,014,100

2003 Annual Nevada 05000000 Total Private Not Adj 953,500

2002 Annual Nevada 05000000 Total Private Not Adj 921,200

2001 Annual Nevada 05000000 Total Private Not Adj 924,700

2000 Annual Nevada 05000000 Total Private Not Adj 905,200

960,700 - 905,200 / 905,200 = 6 percent growth (vs Texas' 9). (Look it up here.)

Keep in mind that Nevada is also a low-tax state, like Texas.

Arizona is not - their private sector has only added 84,700 jobs since 2000 (The data is here and here.)

2010 Arizona Total private: 1,960,800

2000 Arizona Total private: 1,876,100

Growth: (1,960,800 - 1,876,100) / 1,876,100 = 4.5 percent (vs Texas' 9).

Edited August 25, 2011 by mawilson

[Ban Hammer 13,913]

It's not even a drop in the bucket compared to either Iraq or Afghanistan. Not a boot on the ground, not a service member's life lost and the total cost to the treasury over the past six months that we were engaged there is about what was spent on the other two wars in a single day. Same result - dictator gone - but much better way to achieve it. If we had done the engagement in Afghanistan and Iraq similarly, we'd be looking at a few thousand graves and several trillion dollars worth of debt less. What a wonderful world it would be had we not put up with the war monger in chief.

it seems it will be a cold day in hell when you finally say something negative about the messiah.

[Mr. Big Dog 10,747]

it seems it will be a cold day in hell when you finally say something negative about the messiah.

What messiah?

[Ban Hammer 13,913]

What messiah?

the prosecution rests.

[Mr. Big Dog 10,747]

the prosecution rests.

Before you even attempt to make any case? I don't recognize any messiah. It may have escaped you but I am not all that religious.

[Ban Hammer 13,913]

Before you even attempt to make any case? I don't recognize any messiah. It may have escaped you but I am not all that religious.