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Texas to help fuel national growth

by admin on July 19, 2012

Texas is forecast to have the third-highest gross domestic product growth of all the states this year, behind North Dakota and Oklahoma, and was expected to regain the jobs it lost from its pre-recession peak in the first quarter this year. Only Alaska and North Dakota could make similar job-growth claims, the economic intelligence firm said.

In addition, Texas’ largest cities were identified as being among the strongest job generators in the southern region during the 12 months that ends in June 2013.

Austin led the list of top 10 southern cities with 2.5 percent job growth, while San Antonio came in eighth with 1.8 percent growth in hiring.

Dallas-Fort Worth and Houston also outperformed San Antonio in job growth. The Dallas area finished third in the ranking with 2.1 percent growth, while Houston finished three slots ahead of San Antonio with 1.9 percent growth.

But San Antonio’s projected unemployment rate for the year was expected to be 6.7 percent, the third-lowest in the South, behind only Washington, D.C. and Austin.

San Antonio’s gross metropolitan product was expected to grow at the third-fastest pace at 2.9 percent, third-best to Austin and Dallas-Fort Worth.

IHS economist Charlie Dougherty said Texas and Oklahoma had two advantages that other states did not: a strong energy sector and more insulation from the housing downturn.

San Antonio-area economists said they were not surprised by the state’s and the city’s strong showing in the IHS study.

“Compared to the rest of the country, we are literally riding high,” said Travis Tullos, a regional economist with TXP Inc.

Tullos said the Texas economy was outperforming most other states even before the energy sector took off. With drilling activity returning and Texas companies providing services to energy producers around the globe, more economic growth is likely, Tullos said.

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Photo: William Luther, San Antonio Express-News / © 2012 WILLIAM LUTHER Read more:

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