Come on down – even if you live in a blue state.
Updated October 29, 2008
Texas continues to fare better economically than most other states.
With our mix of industries and avoidance of the housing price bubble, Texas should have more resistance to – but not immunity from – recessionary conditions.In fiscal 2008, Texas’ gross state product grew by 4.1 percent, versus 1.5 percent for the national economy.
Fiscal 2008 was strong for Texas, and although the Texas economy is still expanding, its rate of expansion is slowing. With regard to the nation as a whole, most forecasters are indicating the U.S. is in recession now.
JobsIn the 12 months ending in September 2008, Texas gained almost 248,000 jobs, more than the next 14 top job-growth states combined.
Over last 12 months, Texas accounts for 54 percent of entire job gains for all states.
In the past five years, Texas added 1.3 million new jobs to our economy.
From August to September 2008, the U.S. economy lost 159,000 jobs. The U.S. is down 760,000 jobs so far in 2008.
Texas lost 4,000 jobs in September, the first monthly loss since April 2007.
Texas’ unemployment rate in September 2008 was 5.1 percent. The U.S. rate was 6.1 percent, up considerably from a year ago (4.7 percent).
The Texas’ unemployment rate has been at or below the national rate for 21 consecutive months.
HousingTexas has weathered the national real estate crunch without significant damage to property values. The state has avoided the boom-and-bust cycle experienced in other states.The Texas foreclosure rate has remained stable for the last three years. As of August 2008, the Texas foreclosure rate was one in every 1,003 homes. Comparable rates in other states include Nevada’s one in 82; California’s one in 189; and Arizona’s one in 178.
Consumer Confidence IndexConsumer confidence across the nation is weak, as reflected in the lowest consumer confidence index numbers ever recorded. Texas’ numbers remain fairly strong, however. In October, the U.S. index stood at 38.0 (with 1985 = 100). The Rust Belt region was 30. Texas’ regional index was 75.0 — the highest of any region in the nation.