2005 economic forecast for central texas by tom kelly director baylor center business and research over the years that i have followed performance of economy reached two fundamental observations invariably characterize first local is influenced many same forces affect other parts country with respect to household investment behavior second has become more stable greater diversification less dependence on a single manufacturing industry these reason always begin top down links global national statewide influences often found mirrors closely than although differences are becoming obvious as diversified us been going through what alan greenspan called soft patch employment sales gains slowed corporations issued profit warnings auto makers announced production cuts momentum created tax mortgage refinancing lost consumer confidence dipped higher gasoline prices uncertainty
