In a recently published editorial, The Wall Street Journal reported that Texas has created 37 percent of all new American jobs since the economic recovery began last summer. The Journal interviewed Richard Fisher, the president of the Federal Reserve Bank of Dallas, who attributed much of Texas’s job surge to the Lone Star State’s tort reforms:
Based on his conversations with CEOs and other business leaders, Mr. Fisher says one of Texas’s huge competitive advantages is its ongoing reform of the tort system, which has driven litigation costs to record lows.
According to an article in today’s Milwaukee Journal Sentinel, Milwaukee’s jobs outlook is brightening as well. The story cites a new survey conducted by ManpowerGroup placing Milwaukee among the U.S. cities where hiring is the strongest.
And just last month Wisconsin jumped 17 spots – from 41st to 24th – in a study performed by Chief Executive, a magazine that annually surveys the nation’s CEOs on their perception of business climates.
It appears that the landmark tort reforms contained in Act 2 — among other reforms — have helped improve Wisconsin’s business climate.