Media Contact: Angela Hale, Texas Competes/Equality Texas 512.289.2995, firstname.lastname@example.org
Study by Leading Texas Economist Shows LGBTQ Nondiscrimination Would Create Hundreds of Thousands of Jobs, Billions in Tax Revenues, Significant Economic Growth
Policy supported by 70% of Texans, majorities in both parties would create billions in city & state tax revenues, hundreds of thousands of jobs, and more than $1 trillion in economic growth over time.
El Paso, July 15, 2020– A first-of-its-kind study by renowned Texas economist Dr. Ray Perryman, commissioned by the business coalition Texas Competes, was launched in El Paso today at an event co-hosted by the El Paso of Commerce. The study examines the expected economic impacts of a statewide, comprehensive nondiscrimination law covering employment, housing, and public spaces for LGBTQ Texans and visitors. The Perryman Group found that in the first biennium, such a law would create $1.3 billion in cumulative state and local tax revenues, and in the 2021-2045 period, it would create 700,000 new Texas jobs, more than $1.3 trillion in gross product, and $130 billion in tax revenues for state and local governments.
The study found major opportunity costs to Texas of not including LGBTQ people in its existing nondiscrimination laws. A welcoming Texas would enjoy increased competitiveness for talent, corporate investment, and tourism, with benefits flowing to every region and industry in the state.
“Texas is one of the best states to do business. If we want to escalate our competitive advantage into the future, our research shows significant benefits from enactment of a comprehensive nondiscrimination law that includes all people, including LGBTQ people, ” said Dr. Ray Perryman, CEO of The Perryman Group, an economic analysis firm based in Waco, Texas. “Our analysis found enormous, untapped economic potential for our state if LGBTQ people were protected from discrimination based on who they are.”
Topline study findings show that a 2021 statewide nondiscrimination policy would result in:
“The good news is that 70% of Texans – including majorities in both parties and all major religious groups – already support the idea of nondiscrimination protections for their LGBTQ neighbors, coworkers, family members, and friends,” said Jessica Shortall, Director of Texas Competes. “Passing a comprehensive nondiscrimination law isn’t just the right thing to do to ensure LGBTQ people have the same opportunities to earn a living, support their families, and contribute to their communities. Dr. Perryman’s work shows us that such a policy is crucial to the future competitiveness of the state, and that it would deliver tangible benefits to all Texans.”
As a part of the public rollout of the study, Representative Jessica González, Democrat of Dallas and LGBTQ House Caucus Vice Chair, announced she would author and prioritize the bill next session. González brought together a diverse group of House leaders, including Republican Todd Hunter (Corpus Christi) and House members of the El Paso Delegation including: Rep. Mary E. González (House District 75); Rep. Joe Moody (House District 78); Rep. Art Fierro (House District 79); Representative César J. Blanco (House District 76) and Rep. Lina Ortega (House District 77), who have agreed to work together on a bipartisan, comprehensive nondiscrimination bill to be filed in the 87th Texas legislative session in 2021.
Texas Competes and the El Paso Chamber also brought together business leaders to speak out about the importance of nondiscrimination including: David Michael Jerome, President and CEO of the El Paso Chamber of Commerce; Woody Hunt, CEO of Hunt Companies; Bryan Crowe, General Manager of Destination El Paso; and Jon Barela, CEO of the BorderPlex Alliance
Texas Competes is a coalition of Texas employers, chambers of commerce, convention and visitors bureaus, and industry associations making the economic case for Texas to be welcoming to LGBTQ people. Texas Competes is the business coalition for Equality Texas and has more than 1,400 members and is a leading expert on the economic case for inclusion on LGBTQ issues.
The Perryman Group is an economic and financial analysis firm that has developed and continually maintains an extensive set of economic impact evaluation models that can be applied in a variety of contexts. Dr. Ray Perryman, President and CEO, has 40 years of experience and has worked with thousands of clients, including two-thirds of the Global 25, over half of the Fortune 100, the 12 largest technology firms in the world, 10 US Cabinet Departments, the 9 largest firms in the US, the 6 largest energy companies in the US, and the 5 largest US banking institutions. Dr. Perryman holds a BS in Mathematics from Baylor University and a PhD in Economics from Rice University. He is a Senior Research Fellow of the IC2 Institute at the University of Texas and Institute Distinguished Professor of Economic Theory and Method at the International Institute for Advanced Studies. He has authored several books, over 400 academic papers, and more than 2,500 trade articles.