Business leaders in Kleberg County are not very optimistic about their personal economic futures, according to a new survey from Texas A&M University-Kingsville.
The results are mixed. On one hand, the people of Kleberg County are a bit concerned about what their own personal financial position will be a year from now, but on the other hand, they are confidant that the local and national economy will be doing better.
The College of Business Administration hosted the second annual Economic Forum on Tuesday, in the student union ballroom at TAMUK. One of the main featured speakers was Dr. Thomas Krueger, who is a finance professor and the director of faculty research for the College of Business Administration.
Krueger discussed the results of a survey conducted last month, which consisted of 27 business, men and women from Kleberg County and 44 students. Participants were asked about how they felt about the outlook of the economy over the next year, both nationally and locally, and also their own personal economy.
"Unfortunately, there's been a decline," Krueger said. "For instance, last year, 50-percent of the people thought they would actually be financially better off a year later. This year, it's only 36-percent. So we have a 14-percent decline in the percentage that think that they will actually have more spending power a year from now."
Another featured speaker at the forum was Dr. Keith Phillips, a senior economic policy advisor at the Federal Reserve Bank of Dallas. He spoke of how Texas has outperformed the national economy over the past five years through the recession and the recovery, mainly because of the energy sector, and the high tech sector, exports and housing.
Phillips also said that Texas has a lower cost of living, and a lower cost of doing business than other states, and that he thinks this year, Texas will probably grow about one-percent faster in terms of job growth than the national average, as it has over the last couple of years.