05:56 PM CST on Friday, January 4, 2008 By OLGA CAMPOS - KVUE News Watch Video Clip Rising gas prices and higher unemployment figures have yet to take a toll on Austin's economy. In fact, the financial forecast for 2008 is strong. Luminex employees like to say they're in the business of saving lives. The Austin-based company expects to do just that now that their product has received approval from the federal Food and Drug Administration. "We received FDA clearance on January 3, and we began shipping the product on January, 3," said Patrick Balthrop, Luminex CEO. The product is the first of its kind test for a dozen different respiratory viruses for patients of all ages. “It tests at the DNA level for all these different respiratory viruses and the physician gets the results in a matter of hours," said Balthrop. Luminex is the type of fast-growing, ground-breaking business that's leading the local economy in 2008. "The bios and the nanos are growing. The next generation of medical and technology will continue to drive the economy also," said Marvin Rickabaugh, regional president of Frost Bank. Rickabaugh says with half a dozen new hospitals opening or under construction, the medical sector is also strong. Retail growth and the service industry are both expected to create more new jobs in 2008. Experts say Austin can also count on continued economic strength generated by both the University of Texas and by state government. On the downside, traffic congestion and public education are two issues local leaders are trying to tackle to prevent them from slowing the economy. It's part of the strategy that attracts booming businesses like Luminex to Austin. "In a company that's growing like we are, Austin has a lot of things that allow us to sell the company and sell our location," said Balthrop.