WE’RE BULLISH ON TEXAS IN 2022
By Michel Maksoud, PhD, P.E.
DEC President and CEO
ABOUT MICHEL MAKSOUD
As a respected civil engineer, Michel Maksoud is known for leading major transportation projects in the Houston region. As DEC president and CEO since 2019, Michel is building bridges with clients, communities and employees on a foundation of trust, respect and excellence.
TAKEAWAYS:
15% growth in state revenues
Strong job recovery
$29 billion additional federal funds for TxDOT
DEC well positioned to win major projects in 2022
We expect 2022 to be a strong growth year for DEC, our clients and the Texas economy. Job recovery, increased state spending, and federal infrastructure spending make me optimistic. Opportunity favors those who are prepared. I believe that DEC has one of the best engineering teams in Texas and is well positioned to win several major projects this year. DEC has built a solid reputation for delivering engineering excellence for more than 76 years in Texas and beyond.
The state comptroller estimates that the 2022-23 budget will be $135 billion, 15 percent higher than the previous budget cycle. This increase largely comes from sales tax revenue generated from higher consumer spending.
The Federal Reserve Bank of Dallas echoes the comptroller’s view. Going into 2022, Texas has recovered almost all of the 1.4 million jobs lost since COVID hit the U.S. two years ago. It attributes economic growth to federal government stimulus, vaccinations, and the lifting of COVID restrictions in 2021.
Speaking of federal spending, the infrastructure funding authorized in late 2021 will pump billions of dollars into Texas for public works and transportation projects. The Texas Department of Transportation alone will get an additional $29 billion over five years for highway projects.
I am optimistic that DEC will win many of these projects. We have decades of experience in designing major public works and transportation projects and have one of the strongest engineering teams in Texas.
Wishing you all a happy, healthy and prosperous 2022.
Michel