Often, when someone mentions the “eyes of Texas,” they are referring to the popular song that has become the alma mater of the University of Texas. Although the inspiration of the writing of the song is disputed, there is no argument regarding the emotional impact the tune has on students and alumni of that institution.
There is also probably no disagreement with the three “I’s” that are fast becoming the trademarks of the Lone Star State—Imagination, Innovation, and Investment. The actions of the 81st Legislature definitely confirmed these concepts with the authorization by lawmakers of new funding for three special programs for 2010 and 2011.
The Texas Enterprise Fund was provided an additional $20 million to push the total to $200 million, and the Emerging Technology Fund gained $94 million to reach almost $204 million when unexpended monies are considered. In addition, funding for a new initiative to encourage feature film and television production in the state tripled (from $20 million to $60 million).
These endeavors have been highly important to the state’s overall economy in recent years. Based on past achievements, the Legislature’s additional funding for them will prove significant in enabling Texas to enhance its position as an economic leader.
The Texas Enterprise Fund was created by the 78th Legislature in 2003 to provide financial resources to help strengthen the state’s economy. The fund was renewed by the next two legislatures, making approximately $250 million available during the 2008-2009 biennium to help attract businesses and expand employment opportunities. As a result of this innovative program, some 54,000 new jobs have been created and more than $14 billion generated in capital investments.
The Texas Emerging Technology Fund (ETF), which was launched in September 2005 with an allocation of approximately $275 million, has enabled the state to achieve nonpareil success in advancing the development and commercialization of many of the most innovative technologies to enter the scene. By helping spur the creation of several technology companies, the ETF has greatly expanded Texas’ global competitiveness and will continue to benefit the state economically while also providing opportunities for medical and scientific breakthroughs designed to greatly enhance our quality of life. Furthermore, because of the ETF, much highly sought-after research talent has made Texas home. ` Over the past decade, the moving image industry has provided more than $1.2 billion to the state. However, in recent years, Texas has lost film and video production spending, as well as about 25% of its film professionals, to neighboring states. In fact, movies about Texas are being produced in those neighboring states. The funds allocated by the state’s legislators place Texas in a better competitive position and stand to boost operations and create expanded opportunities for the entertainment industry. Businesses that support these kinds of productions will also be positively impacted.
Texas has been a perennial leader among the states in job creation, exports, and Fortune 500 companies. Moreover, in the past several years, the Lone Star State has often been the top destination for the relocation of people and industries.
Many factors have contributed to this unique distinction including the state’s central geographical location; relatively low taxation and friendly business atmosphere; quality of higher education and availability of skilled labor; favorable regulatory environment, climate, and infrastructure; and plentiful supplies of energy.
The actions of the Legislature in providing vital funding for the Texas Enterprise Fund, the Emerging Technology Fund, and the film production industry are certainly wise investments and undoubtedly will help ensure the future economic growth and development of the Texas economy.