Texas Leading Economic Recovery

June 1, 2010

Houston Business Journal – As the U.S. economy expanded for a third consecutive quarter, Texas posted some of the strongest numbers in the country, according to Houston-based private equity firm SigmaBleyzer LLC.

The Texas Business Cycle Index, which tracks movements in employment and GDP, increased for the third straight month.

Texas nondurable manufacturing also grew by 2.1 percent and 1.7 percent in 2008 and 2009, versus negative 3 percent and negative 5.6 percent nationwide.

Moreover, higher oil prices supported a nearly 10 percent growth in the Texas mining industry in March 2010 compared to the same month a year before.

Unemployment remained at 8.2 percent, giving Texas the lowest rate among large states, while existing home sales in the state grew in the first quarter by 16 percent compared to the same time a year ago.

U.S. GDP grew at an annualized rate of 3.2 percent for the quarter while Texas GDP grew at about 2 percent, but didn’t drop as much compared to the rest of the nation during the lows of the recession.

This entry was posted on Tuesday, June 1st, 2010 at 9:34 pm and is filed under Blogpost, News.
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