AUSTIN — Texas has emerged from the recession with its credit intact, but the state faces major adjustments to environmental patterns and demographics that are likely to affect long-term investors, experts told the Texas Public Finance Conference here Monday.

The state’s rapidly growing population means that state and local governments are struggling to maintain services as they adopt austerity measures that were forced by falling revenues in the past three years, said John Heleman, chief revenue estimator and Texas Comptroller of Public Accounts.

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