AUSTIN, Texas -- Texas business leaders say the state's losing its competitive edge, and they worry what's known as the Texas Miracle could be over by 2020.

"To remain on top, we have got to continue to improve to stay on top," said Tom Luce of the George W. Bush Presidential Center.

He and other panelists told members of the newly formed House Select Committee on Economic Competitiveness Wednesday to do what they can to make Texas attractive to a young and talented workforce, but they say the state needs to step up its investments in infrastructure and public education. Luce said only one in five Texas high school students are receiving advanced degrees.

"Only 20 percent of our current graduates from Texas high schools go ahead and achieve either a National Certificate or a community college degree, or a college degree," he said. "Not registering for community college but graduating from community college. Right now, we are at 20 percent. We need to be at 80 percent."

Luce called the statistic "very concerning," and said the state's future hinges on its ability to create an educated workforce.

Dallas Mavericks owner and investor Mark Cuban said he's felt the impact of the trend Luce mentioned.

"Now we are getting to the age of artificial intelligence," Cuban said. "There is certainly a shortage of intellectual capital in the state of Texas."

Cuban said talk of the so-called bathroom bill this year caused him and his fellow investors to think twice about their future business in Texas.

"I don't want to have to check under someone's skirt or in their trousers to see if they are going to be comfortable in the state of Texas or anywhere for that matter," he said.

Tea Party lawmakers call the committee a sham. Rep. Matt Rinaldi, R-Irving, said it was only created to fight off their efforts to pass the so-called bathroom bill.

"It's basically a propaganda tool because we clearly don't want to ask these questions," Rinaldi said.

The committee, which was appointed by outgoing Speaker Joe Straus, R-San Antonio, and chaired by outgoing Rep. Byron Cook, R-Corsicana, did not allow anyone except for committee members to ask questions of the invited speakers. No public comment was allowed aside from those selected to speak prior to the hearing.

Rinaldi said that creates an echo chamber and shuts out differing viewpoints on social policies from lawmakers like him.

"I think that's what we need to ask at these hearings: to what extent do non-economic policies also affect the Texas Miracle," he said.

In addition to education investments, Luce encouraged the panel to bolster road and water supply infrastructure to better prepare for the growth that's forecast in the next 20 years.

According to the Bureau of Labor Statistics, Texas unemployment reached 4.0 percent in September. That's the lowest it has been since December 2000. However, the national unemployment rate is also around four percent, signaling that the national economy has caught up with the growth Texas has fostered over the past decade.