Sunday, July 06, 2008

Texas Economy Booms: +238,700 Jobs in Last Year

Fort Worth (TX) Star Telegram -- From Main Street to Wall Street, the economic news gets more depressing every day, but things could be worse: You could be living outside of Texas.

Last week, the government reported that the U.S. economy lost 62,000 jobs in June, the sixth consecutive monthly decline. Texas, meanwhile, keeps purring along (see chart above). The economy is slowing, to be sure, and corporate layoffs are rising, but the state remains in positive territory by most measures. Even construction employment, down 5.2% nationwide in the past year, was up 3.6% here.

MP: Texas employment has increased in 56 out of the last 60 months, and has increased by +238,700 jobs over the last 12 months, compared to only a +77,000 net increase in jobs nationwide since May 2007. The chart above shows that overall U.S. employment is up by about 5% since 2000, while Texas employment has increased by 13.5% during the same period (1.26 million new jobs).

Credit three factors for Texas’ (relatively) good fortune:

1. The housing market has held up better than in much of the country, and as a result, consumer confidence hasn’t crashed to the same depths. That’s one explanation for why retail sales rose 5.6% in Texas in the past year, at least three times higher than nationwide.

2. The energy industry is booming, riding the wave of sky-high oil and gas prices. That’s producing scores of new jobs in Texas and abroad, and bonus checks for landowners. The Texas rig count reached 931 in June, the highest level since 1984.

3. Texas exports are on a tear, helped by the falling dollar and strong demand for chemicals. The currency drop has helped boost exports nationwide, but Texas exports grew 7.2% in April, compared with a 3.3% increase for the nation.


At 7/07/2008 6:46 AM, Blogger Mr. Dart said...

Plus, Texas does not levy a tax on personal income. Makes it a pretty nice place for small business owners.

At 7/07/2008 7:47 AM, Anonymous Anonymous said...

"California Economy Busts: -18,600 Jobs in Last Year"

What's the point?

At 7/07/2008 3:34 PM, Blogger Sean Cooksey said...

Great post on one of the many boom states in the South. I cited your post in one of my own. Very impressive.

At 7/07/2008 3:57 PM, Anonymous Anonymous said...

Very impressive

The US economy has created a grand total (don't hold your breath) of 15,000 jobs in the last year. That's right. It's not 150,000 jobs, nor is it 1,500,000 jobs; it's 15,000 jobs.

Apparently, you are easily impressed. The entire annual job creation must be the bump in the lobbyists on K-Street.

At 7/08/2008 4:04 PM, Anonymous Anonymous said...

If you want to work for the Washington State government compiling unemployment statitics and leading research projects, our Employment Security Department is looking for a Chief Economist. This person works for our Labor Market and Economic Analysis division. Please go to our online job posting (click on our name above)for details on the duties, pay, required and desired qualifications, and the application process.

At 7/08/2008 4:28 PM, Blogger juandos said...

anon says: "The US economy has created a grand total (don't hold your breath) of 15,000 jobs in the last year."...

So just how many of those 15,000 jobs did YOU help create anon?

At 7/08/2008 4:28 PM, Blogger juandos said...

This comment has been removed by the author.

At 7/10/2008 11:44 AM, Blogger OBloodyHell said...

> "California Economy Busts: -18,600 Jobs in Last Year"

What's the point?

Cali's collectivist-socialist policies have been chasing people to neighboring states for two decades now, and those states generally don't approve.

One of the chief reasons they don't approve is that these idiots, driven away by the lunatic policies in Cali, then decide to vote for those same policies in the adjacent states.

Go figure.

At 7/29/2008 4:35 PM, Anonymous Anonymous said...

Speaking of Texas, I thought you might be interested in a recent survey my company conducted that studied which states have the best business climate (we specialize in economic development). We reached out to CEO's, business decision makers and location advisors. In a nutshell, TEXAS RANKED #1 followed by North Carolina and Georgia. The bottom three states were California, New York and Michigan. Feel free to check it out:


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