My dear friend, Pike Powers IV, recently succumbed to Parkinson's after a courageous struggle. Beyond the Austin area, you may not recognize his name, but he changed your life. He was the single most powerful force in turning Texas into an international technology powerhouse. His impact is unparalleled, and we are all beneficiaries.
Advances in technology have reduced the cost to produce oil, contributing to the current high level of activity in truly amazing ways. Only three years ago, $70 per barrel almost shut down the industry; today, it accelerates an ongoing surge.
One of the most important metrics regarding the health of an economy is job creation and growth. All jobs are not created equal, however, and among the most desirable are those in technology industries. While technology industries only represent about 6% of private employment in Texas, they nonetheless have a high indirect impact on the economy.