Economic Benefits of Tort Reform: An assessment of excessive US tort costs and potential economic benefits of reformReport Published on February 01, 2022
The civil justice system is a crucial institutional framework in America. When working properly, the system provides a fair and equitable forum for the resolution of disputes among parties, appropriately compensating those that have legitimately been harmed. Additionally, it acts as an effective deterrent to undesirable behavior. As part of this framework, tort litigation can be highly beneficial to society in terms of promoting equal and impartial justice as well as establishing part of the critical context in which economic activity can prosper.
Both large and smaller metropolitan areas are all on track to experience notable employment growth over the long term. The Perryman Group's latest long-term economic forecast findings are summarized in this issue of The Perryman Report & Texas Letter.
Although there are challenges to be dealt with, the Texas economy is expected to see long-term growth at a rate outpacing most parts of the United States. This issue highlights The Perryman Group's latest long-term forecast for the state.
While the pace has slowed from the surge as conditions improved from the pandemic, the US economy has been experiencing job gains and other signs of growth. However, challenges are intensifying. The long-term outlook calls for expansion, though the risk of below-trend growth in the near term remains.
Literacy improves quality of life and is essential to many jobs. Texas lags the nation in literacy rates, with particularly low levels in some counties. Improving the situation could lead to notable economic benefits.
Texas has been a major producer of oil and natural gas for over a century, and more recently has become a center for wind and solar power. Meeting future global needs will require all of these sources of energy, and the state will play an essential role.
The Permian Basin is among the most important oil-producing regions in the world. In addition to supplying needed energy, it also generates a substantial portion of Texas business activity. This issue highlights results of The Perryman Group's recent study of the economic and fiscal impact of the region.
This issue of The Perryman Report & Texas Letter highlights the five-year economic forecast for the state's metropolitan statistical areas (MSAs). Despite recent fluctuations, the forecast for the major MSAs all point to continued growth.
The Texas economy is now more than 200,000 jobs above prepandemic levels and continues to expand at a notable pace. Despite challenges, the upward trend is projected to continue. Highlights of The Perryman Group's latest five-year outlook are summarized in this issue.
Businesses related to outer space are a large and growing component of the economy. In this issue, The Perryman Group's estimates of current and potential future economic benefits of the sector for the United States and Texas are summarized.