Texas Economy Continuing to Outperform the National Average

TEXAS ECONOMY GROWING FASTER THAN NATION'S

 

The Texas economy continues to outperform the U.S. economy, according to the April Review of the Texas Economy from the Texas A&M Real Estate Center.

Assessing the period from March 2010 to March 2011, Texas gained 237,900 jobs overall, which is an annual growth rate of 2.3 percent. Over the same period, national nonfarm employment rose 1 percent.

The state’s private sector also exceeded U.S. figures, posting an annual employment growth rate of 2.7 percent compared with 1.6 percent for the U.S. private sector.

The state’s seasonally adjusted unemployment rate fell from 8.2 percent to 8.1 percent. The nation’s rate decreased from 9.7 to 8.8 percent.

All Texas industries except financial activities and information industries had more jobs in March 2011 than in March 2010. All Texas metro areas, except Abilene, Brownsville-Harlingen and Laredo, had more jobs. Odessa ranked first in job creation followed by Midland, Longview and Dallas-Plano-Irving.

Observers have consistently cited a business-friendly environment, low cost of living, low union affiliation and the lack of a state income tax as primary drivers for business growth in the State.