January 6, 2017
During the height of the oil surge, the Lone Star State economy grew rapidly. But according to economist Ray Perryman’s “Economic Forecast for Texas,” the real “Texas miracle” is that the state created approximately 400,000 jobs during the past two years, “with our largest export industry firmly in the doldrums.”
Perryman is forecasting the Texas economy’s continued expansion, especially as it diversifies away from oil dependency. But even the energy sector is looking up, with activity in the Permian Basin and, to a lesser extent, the Eagle Ford Shale in South Texas.
Even better news is that Texas expansion is projected to outpace that of the nation. Perryman is forecasting a 4.1% annual rate of expansion through 2021, with an estimated 1.4 million net new jobs, representing a 2.1% annual rate of growth during the same period.
Much of this, of course, is dependent on whether the “necessary infrastructure and regulatory structure will be in place,” Perryman said, adding the hope that the Texas legislative session will focus on tools necessary for expansion.
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