The Perryman Group was recently asked to examine the potential economic benefits of statewide competition in the Florida electric power market. Outcomes in other areas which have increased competition (fully adjusted for Florida economic and demographic patterns) were used as a basis for estimating the potential benefits.
Travel and tourism is an important source of economic activity. Every year, millions of visitors to Texas spend billions of dollars in the state. In 2015, the number of person-stays was estimated to exceed 250 million and had been growing steadily for several years. Hundreds of thousands of individuals across Texas are employed in travel-related industries.
More than 16,000 Texas children are presently in foster care. This crucial safety net for thousands of the state's most vulnerable residents has experienced challenges in recent years and is in the process of evolving in an innovative manner to better meet the needs of the affected young people at a critical juncture in their lives. While the primary consideration in any conversation related to transforming the foster care system must always be the well-being of the children and families who are affected, improvements also involve quantifiable economic benefits in the form of reduced social costs and increased earnings and productivity. Analyzing these economic benefits can help inform discussion of future strategic plans, particularly given the reality of tight budgets for social services.
The issues surrounding immigration are complicated (particularly in the case of the undocumented segment), but there is one incontrovertible fact: Texas needs the workers!
Since 2010, the Cancer Prevention and Research Institute of Texas (CPRIT) has served as a crucial aspect of improving cancer outcomes. CPRIT has helped attract leading cancer research scientists to Texas (including members of the prestigious National Academy of Sciences), funded research projects which have resulted in thousands of publications and a number of new patents, and provided grants for screening and related education which are improving access to lifesaving testing for some of the state's most vulnerable populations. The most recent cancer statistics indicate that incidence and outcomes in Texas are improving relative to those in the nation as a whole, due in part to CPRIT efforts.
For more than 40 years, DFW Airport has been providing air passenger and cargo service to the vibrant economies of Dallas, Fort Worth, and the other cities in the North Central Texas Region. In addition to this essential role, the Airport is also an important source of jobs and economic activity for the area and beyond.
"Electronic payments are highly efficient, offering advantages such as speed, reduced costs, and accuracy," said Dr. Ray Perryman, President and CEO of The Perryman Group. "These enhancements have contributed significantly to the expansion of the US economy, increasing liquidity and stimulating personal consumption."
No modern economy can prosper without a strong system of courts to protect public safety, secure property rights, enforce contracts, and resolve disputes. In fact, an effective judiciary lies at the heart of the very foundations of Western civilization. Even so, many states and locales face poorly funded courts, while the Federal courts have been hampered in recent years both by the inability of Congress to fill vacancies in a timely manner and by the failure to expand the number of judgeships as economic and demographic growth demand. There is perhaps no place where this situation is more acute than the Eastern District of Texas.
Local jails are typically poorly equipped to deal with mental illness and related issues. Nonetheless, individuals with mental disorders are all too often incarcerated simply due to a lack of other options. Not only do these persons fail to receive needed and adequate treatment, but are also more likely to have various complications both when in custody and after release. At the same time, incarceration is costly for communities. In response to these concerns, programs have emerged across the country which seek to offer more appropriate options for both persons suffering from mental disorders and communities attempting to provide necessary services with scarce resources.
In 2015, The Perryman Group prepared a study to assist the efforts to reform the windstorm insurance system which focused on the possibilities of major storms along the Gulf Coast. While the analysis obviously does not reflect the unique and unprecedented effects of Hurricane Harvey, it does provide some useful insights. Given the significance of this historic storm and its role in the economy in the coming months, we wanted to share these insights.