Import Talent Or Grow Your Own? As the Flow of Migrants Slows, Texas Needs Both

If you believe in the Texas miracle, as we do, you might want hear about an under-reported trend now unfolding in our state.In broad terms, there are only a handful of ways to expand an economy. One involves increasing productivity, such as developing new technologies or shifting workers to higher-skilled vocations. Another is to increase the number of people who are working.For years, Texas has done both. But a new report by the Federal Reserve Bank of Dallas indicates that the flow of new workers to the Lone Star State is slowing, and for years, that influx has been fueling our rapid growth. Workers, of course, move to Texas from the around the country and around the world. Both categories are important, and one has declined sharply and the other has hit a plateau. Last year, Texas added almost 190,000 migrants, which approaches the number of newborns. But total migration was one-third lower than in 2015 due to a steep drop in cross-state relocations. Other regional economies are improving and baby boomers are retiring, so fewer U.S. workers have to go to Texas to chase their dreams.  Continue reading...