Perryman Upbeat about Tyler Economy
Posted/updated on: January 14, 2011 at 1:39 pm
TYLER — Noted economist Dr. Ray Perryman says there are some positive economic signs in the Tyler area right now, and he feels “pretty good” about its prospects. At the local edition of his 27th Annual Economic Outlook Conference Thursday, Perryman said the community is seeing some encouraging job and investment announcements. According to Perryman, the area’s job growth numbers have been up “pretty consistently” about 1.9 per cent for the year, which he terms a good number. Overall, says Perryman, Tyler figures to have a period of modest growth in the near future, and the community should begin to see a little more stabilization in the housing market in the next few months.
Perryman says Tyler is already doing a lot of things right. He says that includes great economic development leadership, along with plans for a new convention center and art museum. According to Perryman, the latter two factors can set Tyler apart and make it a destination. He also points to continuing development of the health sector, including the biomedical sector, and the energy industry.
Perryman also says the state as a whole is doing quite well in spite of the recession. He says there’s been a significant comeback in job growth over the past several months, and other indicators, such as retail sales, are on the upswing. Perryman figures economic growth in the state over the next five years will average about four per cent.
As for the United States overall, Perryman says the country is gaining momentum, but it’s still not going fast enough to bring the unemployment rate down as much as he’d like. He thinks that’s still a few months away as the country awaits a little more certainty about the impacts of the health bill and some other things. But, adds Perryman, corporate America is holding a lot of cash right now, and there are some encouraging signs that the corporations will begin to spend that cash fairly soon — and once they do, he says, we’ll see more significant growth nationwide.
This year, Perryman also scheduled a special Thursday evening appearance at TJC on behalf of the Tyler Museum of Art. His presentation’s title: “The Potential Impact of the Proposed New Tyler Museum of Art on Business Activity in the Tyler Metropolitan Statistical Area.”
