On Tuesday, August 12, the House Select Committee on Economic Development Incentives will hold a field hearing in Plano, TX. The Committee, Chaired by State Rep. Angie Chen Button, has been tasked with studying the effectiveness and usefulness of Texas’ myriad of economic development incentive programs.
Texas currently awards millions in economic incentives to hundreds of businesses in hopes of luring jobs to Texas or to help existing Texas businesses grow. While Texas’ economic magnet for businesses around the nation has become legendary and is being copied by some other states, many of the incentive programs are being questioned. Some critics call the programs wasteful and unnecessary.
Select Committee Chair Angie Chen Button (Garland/Richardson) has begun a series of six hearings to hear from witnesses as to the value and efficacy of the programs. The Committee will produce recommendations later this year with its findings.
Tuesday’s hearing will be held in the figurative shadow of Toyota’s new national headquarters. Toyota announced that it would be moving its US headquarters to Texas this year after a half century in Los Angeles. The move will bring 4,000 jobs to the region.
Recently Texas Comptroller Susan Combs announced that Texas job creation and GNP has dramatically outpaced the national average. Texas job growth is up 3.3% year to year, while the US average is just 1.9% and real Texas GDP growth is more than doubled that of the US as a whole (3.7% to 1.8%) but there is controversy as to whether these incentive programs are contributing anything to the State’s economic success.
WHAT: SELECT COMMITTEE ON ECONOMIC DEVELOPMENT INCENTIVES
WHEN: Tuesday, August 12, 2014
WHERE: Plano Municipal Center
1520 K Avenue
1201 International Parkway #130