Texas Economy and Its Future; Facts, Figures, and Trends Fueling the Texas Economy

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Texas Economy and Its Future; Facts, Figures, and Trends Fueling the Texas Economy

23 April, 2015 at 9301 West Bellfort Street, Houston, TX 77031, USA

American Turkic Business Council and Texas Turkish American Chamber of Commerce hosted a Luncheon Forum “Texas Economy and Its Future; Facts, Figures, and Trends Fueling the Texas Economy” at Turquoise Center in Houston, TX.

American Turkic Business Council president Orhan Kucukosman welcomed the audience and shared the increasing number of Turkish Companies investments in Texas. He stated that there are more investors interested into invest in Texas.

Luncheon main sponsor was BBVA Compass. The Houston market CEO Mr. Mark Montgomery shared his remarks and introduced the guest speaker Hon. Glenn Hegar.

Hon. Glenn Hegar, Texas Comptroller of Public Accounts was a Republican member of the Texas Senate representing the 18th District West of Houston. He serves as the chief revenue estimator, treasurer, and tax collector including oil/gas revenue estimates, the Rainy Day Fund, and how programs may be affected with the removal of diversions from revenue-generating programs.

In despite of tumbling oils prices may put Texas Economy into the recession, Hon. Glenn Hegar states lawmakers will have $113 billion to haggle over in crafting the next two-year budget (2016-2017). That is a sizable $18 billion more than general revenue spending in the current two-year budget cycle, which ends Aug. 31. He predicted that Texas will take in $110.4 billion in revenue from taxes, fees and other income during the 2015-16 biennium. Therefore, Texas will be a promising opportunity for investors based on its stable economy.

Thanks to tumbling oils price, other sectors include construction, professional and business services grow. Hon. Glenn Hegar said, “Strength in the broader economy, such as in construction and professional and business sector services, should help counterbalance a marked slowdown in the Texas energy sector.” However, there are difficulties of collecting tax. According to state records, “Oil and mineral-related revenue makes up 10 percent of the state’s total tax collections but less than 5 percent of the Texas budget.” Overall, Hon. Glenn Hegar concludes his speech with Texas’ job growth while maintain state’s current level of services.

Mr. Osman ended the luncheon by thanking sponsor companies: BBVA Compass, Harvest Natural Market, Omar Kasani- certified public accountant, Greens Point District Houston TX, Wells Fargo, Civitas- EB-5 Capital Wealth Management Alternative Investments, DOW Healthcare Inc, and ZNA Design.

With the appearance of 100 guests, ATBC and TTACC had a great successful event.

 

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