Report: The Challenges and Opportunities for Texas’ Future
The Story of Texas’ Economic Ascendance
There is an old joke about two men being chased by a lion. One says to the other, “you can’t outrun a lion.”
To which the other responds, “I don’t have to, I only have to outrun you.”
Emphasis on Sustainable Development Goals (SDGs)
Texas’ Contribution to the Nation’s GDP
Texas, Florida, Georgia, the Carolinas, and Tennessee now contribute more to the nation’s gross domestic product (GDP) than the Northeast, including the Washington-New York-Boston corridor.
Challenges to Texas’ Future
While Texas has experienced significant economic growth, it also faces challenges that could impact its future. These challenges include concerns about the state’s power grid, education, crime, health care, and diversity and inclusion programs.
Texas’ Ranking in CNBC’s America’s Top States for Business Study
Texas recently fell out of the top five rankings in CNBC’s America’s Top States for Business study. The state’s infrastructure ranking dropped to 24th, highlighting the need for improvement in this area.
Texas’ Economic Strength
Despite these challenges, Texas still boasts the second-best economy in the study, following Florida.
Addressing Challenges for Texas’ Future
To ensure a prosperous future, Texas policymakers must leverage the state’s competitive strengths and address systemic vulnerabilities. This includes ensuring affordable housing, improving healthcare access, investing in education, and addressing water supply and infrastructure needs.
Affordable Housing and Property Taxes
While Texas benefits from no state income tax, rising home prices and higher property tax rates pose affordability challenges. Addressing these issues is crucial to retain residents and businesses.
Healthcare Access and Medicaid Expansion
Texas ranks 38th in overall health and has not expanded Medicaid, leaving many low-income residents without health coverage. Expanding Medicaid could provide significant benefits to both residents and the state’s economy.
Education and Skilled Workforce
Investing in education is essential for building a skilled workforce. While Texas has made some improvements, increasing funding for K-12 schools and addressing learning losses from the pandemic are crucial steps.
Water Supply and Infrastructure
Texas needs to invest over $150 billion in water supplies, infrastructure, and flood control projects over the next 50 years. Failure to address water demands could result in significant economic losses.
Other Areas of Focus
Improving transportation, expanding high-speed broadband, enhancing the power grid, and maintaining affordable electricity rates are additional areas that require attention.
Commitment to Future Investments
To ensure continued economic growth, Texas must commit to making investments for the future. This includes addressing ongoing challenges and looking beyond past successes.
Conclusion
Texas’ economic strength cannot rely solely on low taxes and light regulation. Policymakers must prioritize long-term solutions and commit to addressing the challenges that could hinder the state’s future prosperity.
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SDGs, Targets, and Indicators
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SDG 8: Decent Work and Economic Growth
- Target 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries.
- Indicator: Gross domestic product (GDP) growth rate
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SDG 9: Industry, Innovation, and Infrastructure
- Target 9.1: Develop quality, reliable, sustainable, and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all.
- Indicator: Infrastructure ranking
-
SDG 10: Reduced Inequalities
- Target 10.2: By 2030, empower and promote the social, economic, and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status.
- Indicator: Diversity, equity, and inclusion programs
-
SDG 11: Sustainable Cities and Communities
- Target 11.3: By 2030, enhance inclusive and sustainable urbanization and capacity for participatory, integrated, and sustainable human settlement planning and management in all countries.
- Indicator: Cost of living
-
SDG 16: Peace, Justice, and Strong Institutions
- Target 16.6: Develop effective, accountable, and transparent institutions at all levels.
- Indicator: Crime rates
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SDG 17: Partnerships for the Goals
- Target 17.1: Strengthen domestic resource mobilization, including through international support to developing countries, to improve domestic capacity for tax and other revenue collection.
- Indicator: Tax revenue
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 8: Decent Work and Economic Growth | Target 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries. | Gross domestic product (GDP) growth rate |
| SDG 9: Industry, Innovation, and Infrastructure | Target 9.1: Develop quality, reliable, sustainable, and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all. | Infrastructure ranking |
| SDG 10: Reduced Inequalities | Target 10.2: By 2030, empower and promote the social, economic, and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status. | Diversity, equity, and inclusion programs |
| SDG 11: Sustainable Cities and Communities | Target 11.3: By 2030, enhance inclusive and sustainable urbanization and capacity for participatory, integrated, and sustainable human settlement planning and management in all countries. | Cost of living |
| SDG 16: Peace, Justice, and Strong Institutions | Target 16.6: Develop effective, accountable, and transparent institutions at all levels. | Crime rates |
| SDG 17: Partnerships for the Goals | Target 17.1: Strengthen domestic resource mobilization, including through international support to developing countries, to improve domestic capacity for tax and other revenue collection. | Tax revenue |
Analysis
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Which SDGs are addressed or connected to the issues highlighted in the article?
The issues highlighted in the article are connected to the following SDGs:
- SDG 8: Decent Work and Economic Growth
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 10: Reduced Inequalities
- SDG 11: Sustainable Cities and Communities
- SDG 16: Peace, Justice, and Strong Institutions
- SDG 17: Partnerships for the Goals
-
What specific targets under those SDGs can be identified based on the article’s content?
The specific targets identified based on the article’s content are:
- Target 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries.
- Target 9.1: Develop quality, reliable, sustainable, and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all.
- Target 10.2: By 2030, empower and promote the social, economic, and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status.
- Target 11.3: By 2030, enhance inclusive and sustainable urbanization and capacity for particip
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Source: dallasnews.com
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