Texas is Still Adding Jobs

by Marilou Long on July 21, 2015

in Economic Indicators,Employment,Energy,Recommended Reading

The Wall Street Journal has an interesting opinion piece today about how the Texas economy is holding up during this current downturn in the energy industry.  From the linked article:

Last week’s “beige book” release from the Federal Reserve Bank of Dallas shows that despite the struggling oil and gas industry, the Texas economy is still enjoying moderate growth. Since prices in the oil patch began sliding a year ago, pundits on the political left have been waiting for evidence to declare the Texas model a failure. They’re still waiting.

Last month the federal Bureau of Economic Analysis reported that in 2014 the Texas economy grew by a sizzling 5.2%, second fastest in the country after North Dakota’s 6.3% and more than twice the U.S. average. That followed 5.5% growth in 2013 and 6.2% in 2012. And 2014 was the year oil prices fell to $53 a barrel in December from more than $107 in June. The Texas rig count in May was down 58% from a year ago.

 

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