More AI on the horizon for Texas businesses
Add Axios as your preferred source to
see more of our stories on Google.
Nearly 40% of Texas companies use artificial intelligence, and another 17% are planning to incorporate it into their businesses in the coming year, per a survey conducted by the Federal Reserve Bank of Dallas.
Why it matters: The findings show how companies are approaching AI and how they're weighing its benefits and risks.
Context: The Fed's April survey asked questions about traditional AI, which includes programs that can perform tasks using a set of rules, and generative AI, which autonomously generates new content.
- Around 360 business executives answered.
What they found: 13% of Texas companies report using traditional AI only and 6% use generative AI only. Some 14% use both and 6% said they use AI but didn't know which type.
- Half of the roughly 192 companies that use AI or plan to use it over the next year said they use it for marketing and advertising, with 45% using it for business analysis and predictive analytics.
- Texas companies also use AI for customer service, cybersecurity and fraud detection.
Of note: Most of the companies interested in AI pointed to increased productivity as one of the benefits.
The other side: Misinformation and privacy were the executives' top concerns for using AI.
Meanwhile: Texas and the Washington, D.C. metro area are emerging as strong second-tier contenders to Silicon Valley and Seattle for America's AI workforce.
- Dallas-Fort Worth is an AI job hot spot, with 15.3 new AI jobs per 100,000 residents. The national average is 11.7 new AI jobs.
Yes, but: The Dallas metro is among 25 metros most at risk of AI-related job losses. An analysis estimated that the region could lose 13% of its jobs to artificial intelligence.
The bottom line: More than half of Texas firms using AI said they don't anticipate it affecting their need for workers.
- About 14% said using AI changed the type of workers they need but not the overall number.