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Texas gets Gold Shovel award for economic development

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Area Development magazine has awarded Texas its 2008 Gold Shovel Award for economic development and job creation. Texas Secretary of State Phil Wilson accepted the award on behalf of the state.

“This award is further recognition that Texas continues to lead the nation in job creation and economic development,” Wilson said. “The state’s efforts to create and foster an attractive business environment continue to bring investment, jobs and prosperity to Texas.”

Area Development highlighted 10 successful projects—representing more than $7.1 billion in investments—that brought more than 9,000 new jobs to Texas in 2007. The state’s job growth rate of 2.1% is more than double the national growth rate of 1%.

The state’s largest business investments came from Total Petrochemical and Eastman Chemical, investing $3.3 billion and $1.6 billion, respectively, for facility expansion operations. The largest job creation project was the expansion of Rackspace Managed Hosting, providing up to 5,000 new jobs in the next five years. Fidelity Investments’ projected growth is expected to create more than 1,500 new jobs.

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