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Texas Has Added Jobs Across All Income Levels.
Trivia Tidbit of the Day: Part 962 -- Texas Beats America In Adding Low, Middle, and High Wage Jobs-
In the past, I've linked to this Texanomics graphic showing Texas wage growth dwarfing that of every other state in recent years. Indeed, the Paul Krugman line about Texas only creating a bunch of worthless minimum wage jobs is complete bunk, yet that bogus misinformation continues all too often in places like Twitter or the Iowa Caucuses.
I just wanted to quickly post a couple of slides from a recent Dallas Fed presentation on Texas' job situation.
First, Texas has recovered all the jobs lost in the Great Recession and then some, while most other states are still working to break even:
Moreover, yes, Texas has added quite a few low wage jobs, but it has also added more high wage jobs than the rest of the country. And more significantly, Texas has added middle income jobs while the rest of the country has lost them:
Meanwhile, Texas has one of the lowest costs of living in the nation, so a low wage or middle wage job goes a lot further than on the Coasts. That being said, the lack of new middle income jobs outside of Texas seems like the real problem Krugman and others don't really want to face up to.
On that note, expensive California is the state having trouble creating the high wage jobs of the future:
Over the past decade, even with the current bubble, Silicon Valley's STEM employment, according to estimates by Economic Modeling Specialists Inc., has increased by a mere 4 percent over the past decade. In contrast, science-based employment jumped 25 percent in Seattle, 20 percent in Houston and 16.8 percent in Austin, Texas.
So, over the past ten years, Science-Technology-Engineering-Math jobs have increased 5 times faster in Houston-- and 4+ times faster in Austin-- than in the Silicon Valley. Texas has outpaced California for both STEM jobs and middle-skill jobs for a decade now.
Not exactly minimum wage type jobs there.
Indeed, Texas is "far and away the leader in total income growth" in recent years; Texas' income gains as a share of national income are bigger than the rest of the top 10 combined. And, while Midland now has the second highest per capita income in the nation, nearly every Texas metro area is in the top quintile for wage growth from 2009-2011, according to the Bureau of Economic Analysis.
It's exasperating having such overwhelming evidence of what works and what doesn't, while seeing our country turn sharply and precisely in the wrong direction.
Previous Trivia Tidbit: The Federal Government's Overspending.
Posted by Will Franklin · 7 January 2013 11:42 AM