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The Comptrollers Economic Outlook

by admin on August 29, 2011

Updated: August 26, 2011

Job growth, sales tax collections – both from business and consumer purchases – as well as automobile sales, signal that the Texas economy has emerged from the recent recession.

Another indicator that the state’s economy has been comparatively healthy was the U.S. Bureau of the Census report that Texas added more people (nearly 4.3 million) than any other state between the census counts of 2000 and 2010.

Through July 2011, 95 percent of the jobs shed by employers during Texas’ shorter recession have already been recovered as our economy rebounds more quickly than the U.S. as a whole. Nationally, only 22 percent of recession-hit jobs have been recovered.

Texas and the nation returned to economic growth in 2010, with the nation increasing its GDP by 3.0 percent and Texas increasing its GSP a similar 2.8 percent, with Texas’ economy not affected as severely by the recession as the nation as a whole.

1. Texas’ July 2011 unemployment rate was 8.4 percent, up from 8.2 percent in June.
2. Texas total nonfarm employment increased by 29,300 jobs from June to July. Between July 2010 and July 2011, Texas gained 269,500 jobs.
3. The Texas unemployment rate has been at or below the national rate for 55 consecutive months.

Oil and Natural Gas
* Natural gas and oil production tax collections combined are 44 percent higher for the first 11 months of fiscal year 2011 compared to the same period in 2010.

* By contrast, fiscal 2010 oil and natural gas production tax collections combined were 24 percent lower than collections in 2009.

* Crude oil futures reached an all-time high closing price of $145.29 per barrel in the summer of 2008, then fell to a low of $33.98 in February 2009. The futures settle price was $85.30 on August 25, 2011.

* Natural gas futures prices have followed a similar path, reaching a summer 2008 high of $13.58 per MMBTU and then falling to a Sept. 3, 2009 low of $2.51. Natural gas futures settle price was $3.93 on August 25, 2011.

To Read The Comptrollers Outlook…

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