Sep 4, 2009

Texas Economy Continues to Outperform the Nation

New reports released this week from the Texas Comptroller’s Office support a positive outlook for the Texas economy, which is the world’s 11th largest!
Although both the U. S. and Texas economies have contracted in 2009, Texas continues to perform better than the nation. Positive indicators highlighted in the Comptroller’s Report include:
  • The gross product of Texas expanded almost twice as fast as that of the U.S. economy in 2008. The Texas rate was 2.0% compared to 1.1% for the nation.
  • Texas added 37,900 jobs in July 2009, which was the first month-to-month job increase in the state since October 2008.
  • The 7.9 percent unemployment rate in Texas for July was significantly lower than the U.S. rate of 9.4 percent.
  • The unemployment rate for Texas has been at or below the national rate for 31 consecutive months.
  • Consumer confidence in Texas is also stronger than across the U.S. In July 2009, the U.S. index was 46.6. The regional index, which includes Texas, was 73.3.
This report from the Texas Comptroller’s Office follows the announcement last week that both new and existing home sales in North Texas increased in July. New home sales increased in July 9.6 percent to 433,000 sold; existing home sales increased 7.2 percent to 5.24 sold.
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