Study: Lawsuit reform has helped local economy

From The Monitor (Texas):

Limits on lawsuit damages since 1995 have helped pump $1.53 billion into the local economy and created nearly 8,000 new jobs, according to a study commissioned by a legal reform group.

Savings from reduced damages awarded by juries and fewer lawsuits filed against large businesses since the mid-‘90s has created a climate in which medical and insurance companies can expand, the study states. Across Texas, the reforms have resulted in nearly $113 billion in additional annual spending, almost 500,000 new jobs and $2.6 billion a year in increased state budget resources.