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Temple Economy Outpaces Nation |
by Carroll Wilson - Telegram Staff Writer
Published May 22, 2008
The Temple area is well-positioned, in more ways than one, to grow and prosper as the nation and state recover from a temporary economic blip, one of the state’s leading economists told business and civic leaders here on Wednesday.
When it comes to the three big factors that affect the world economy, Temple has the bases loaded, he indicated.
Dr. Ray Perryman of The Perryman Group in Waco was the keynote speaker at a luncheon sponsored by the Temple Economic Development Corp. as a thank you to Temple businesses.
The three key factors are technology, globalization and demographics, Perryman said.
In the realm of technological progress, Temple is ahead of the game with its bioscience institute and its ability to attract top biotech, cancer and bioscience researchers.
Because of Temple’s location on Interstate 35 and its access to rail transportation, it is also able to facilitate the movement of goods across the globe.
And this entire region of Texas is growing and will continue to grow, he said.
Convergence, Perryman said, is under way, as various scientific and technological fields feed off each other in a synergistic way.
Areas that are not prepared to catalyze those synergies will not be able to catch up, and Temple is fortunate to have in place what’s necessary to bring the forces of dynamic change together, Perryman said.
“You are in a very good place,” he said. “You have very good leadership and very good preparation (for the future).”
Down the line, Texas is going to need the kind of strong, intelligent workforce that Temple has to keep up with the global competition, he said, adding that, “The future looks very strong here because in the key areas where the state has to go - you’re there. I feel very good about your area.”
Still, he predicted that the nation and, to a lesser extent, Texas will remain in a relatively mild funk for the next few months, a funk caused by the mortgage-lending crisis at the national level and the stark and relentless hike in energy prices at all levels.
Other observations:
n Oil prices are abnormally high today because of speculation and fear about unstable suppliers.
n Nevertheless, over time, oil prices will continue to rise because of a huge increase in demand that will be coming from India, where a popular automaker has announced the introduction of a $2,500 car, and in China. Supply simply won’t be able to keep up with demand.
n If Texas wants to be competitive, it’s going to have to spend money on infrastructure, and eventually that’s going to mean an alternative to I-35.
Perryman was the second major Texas economist in less than a month to praise the economic stability and growth potential of the Bell County area.
On May 19, Dr. Mark Dotzour, director of the Real Estate Center at Texas A&M University, spoke to a Temple crowd with words of encouragement.
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