In this episode of Weaver: Beyond the Numbers, host Shelby Skrhak sits down with Adam Jones, consultant for Weaver and owner of Capitol Jones, LLC. Jones and Skrhak take a detailed look at how the state of Texas is faring economically in 2019. In Jones’ eyes, it’s one of the best in the United States, and the numbers don’t lie.
As he puts it, compared to the rest of the nation, the Texas economy just “rocks,” and is extremely diverse. Texas proved itself to be a LIFO, or “last in first out” economy, meaning the last to be in and first to be out of the national recession, and is only continuing its march upward. It’s the only state in the union that can “produce citrus fruit and winter wheat in abundance” as well as lead in other markets, including energy and the manufacturing sector.
And that’s not all that’s thriving. The most recent Dallas Fed projection shows Texas at a 2.4 percent employment growth. Though Texas sees that as a “cooling” of the economy, compared to other states it’s a solid number and is a sign of a healthy economy.
For context, the Texas Comptroller’s economic projection for the next biennium was originally pretty bleak at a $0 budget surplus, but is now seeing a revised projection of a $2.8 billion surplus.
In addition to the $2.8 billion, there’s also an economic stabilization fund, or “rainy day fund,” sitting at a historic $15 billion. This puts the legislature on pretty good footing, and has a pretty decent fall back, according to Jones.
For more information about Texas’ current economy, including the spot price of oil, and how Texas continues to recover after Hurricane Harvey, give this episode of Weaver: Beyond the Numbers a listen.
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