(AUSTIN) — Texas is currently experiencing the worst drought since 2011, which cost the state’s economy about $7.62 billion in direct agricultural losses and nearly $17 billion in total losses.
In the November/December issue of Fiscal Notes, the Comptroller’s office examines droughts and their toll on the Texas economy, most notably the state’s agricultural industries and municipalities.
“This present drought has spelled disaster for the state’s cotton industry,” Texas Comptroller Glenn Hegar said. “One estimate says cotton producers, which are concentrated in the Panhandle, will lose about $2.1 billion in total economic activity, not including the losses covered by crop insurance. Although crop insurance helps producers recoup revenue losses, it doesn’t help businesses and consumers further down the supply chain.”
Fiscal Notes also examines the good work of individuals at the local, regional and state levels who have been charged with planning for Texas’ future water needs. This fall, as part of his Good for Texas Tour: Water Edition, Hegar visited several organizations that are bellwethers of innovative water planning and management.
“With the population ballooning and businesses booming, it comes as no surprise that Texas will need a lot of water to stay afloat,” Hegar said. “But planning for Texas’ future water needs requires the dedication and resourcefulness of organizations and passionate individuals.”
Fiscal Notes furthers the Comptroller’s constitutional responsibility to monitor the state’s economy and estimate state government revenues. It has been published since 1975, featuring in-depth analysis concerning state finances and original research by subject-matter experts in the Comptroller’s office.