Gov's tech fund creates 820 jobs, spends $169M

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Associated Press

Posted on January 31, 2012 at 2:23 PM

Updated Tuesday, Jan 31 at 5:05 PM

AUSTIN, Texas (AP) — Gov. Rick Perry's Emerging Technology Fund has invested $169 million in commercial firms to create 820 jobs since 2006.

In a report released by the governor's office, the state's investment in 133 high-tech companies is now worth about $174 million. In a statement, the governor office says the increase in the value of the state's investment indicates it is successful.

Perry says the fund helps attract businesses and jobs to Texas, but critics say the state should not be spending taxpayer dollars to invest in private companies.

The Emerging Technology Fund is one of two programs that allow the state to spend money on commercial enterprises.

The Legislature recently passed a law that makes obtaining copies of the contracts between the state and these companies more difficult to review.

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