Tech

Ray Perryman: Texas misses growth in industrial innovation sector | Council of contributors

According to most measures, the Texas economy is doing very well, with solid hires, more major sites and expansions than anywhere else and regular appearances at the top or near the ranking of places where do business to start a business or get a job. However, a recent study by the Brookings Institution and the Information Technology & Innovation Foundation highlights an area in which the state is falling behind.

The study, The Case for Growth Centers: How to Spread Tech Innovation Across America, examined the 13 most intensive industries in STEM (science, technology, engineering and math) and R&D (research and development). In these industries, $ 20,000 per worker is spent on research and 45% of the workforce works in STEM professions. These industries generate innovation, growth and well-paying jobs and range from semiconductors to software, aerospace, chemicals and pharmaceuticals.

The 20 metropolitan areas with the highest absolute number of jobs in the innovation industries are concentrated on the west coast and in the northeast, although they are scattered across the country. Unsurprisingly, Dallas-Fort Worth-Arlington, Houston-The Woodlands-Sugar Land and Austin-Round Rock make the list.

However, when the researchers looked at the growth of the innovation industries, Texas did not compare well. In fact, only five metropolitan areas (those surrounding Boston, San Francisco, San Jose, Seattle and San Diego) accounted for more than 90% of the U.S. innovation sector's net growth between 2005 and 2017 Rapid expansion has certainly posed challenges, such as rising housing costs and traffic congestion, but they have also generated notable benefits, including an influx of talented workers and capital and an increase in Economic activity.

While some metropolitan areas of Texas saw an increase in innovation employment over the period (including San Antonio-New Braunfels up 1,472, Austin-Round Rock up 1 200 and McAllen area up slightly), others down (including Dallas-Fort Worth-Arlington down 8,969, Houston-La Woodlands-Sugar Land down 3,281 and El Paso down 701).

Large innovative companies tend to settle close to each other for reasons ranging from a larger pool of talent to the ability to collaborate and share knowledge. The Brookings Study and ITIF recommend a federal effort to foster new regional growth centers across the country (including none in Texas) through a major investment in R&D funding, workforce development funding , tax and regulatory benefits, business financing, economic and federal inclusion supporting land and infrastructure.

Despite notable progress on many fronts, Texas has missed the recent growth of the innovation industries and, without concerted efforts to change this model, the situation is likely to worsen. Strengthening its presence in the innovation industries will require a series of initiatives to support higher education, research, inclusion, equipment and workforce development Work. It is an investment in our future prosperity that we must make.

Ray Perryman is President and Chief Executive Officer of The Perryman Group, a Waco-based economic research company. He recently received the Go Global Award from the International Trade Council as an outstanding global economic analyst for his work on trade, energy and the environment.

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