| Table 1 Texas Economic History and Outlook for Fiscal Years 1997-2003 Fall 2000 Forecast | |||||||
|---|---|---|---|---|---|---|---|
| 1997 | 1998 | 1999 | 2000* | 2001* | 2002* | 2003* | |
| TEXAS ECONOMY | |||||||
| Gross State Product (Bil. 1996$) | 587.0 | 629.3 | 664.3 | 703.6 | 737.6 | 765.8 | 799.1 |
| Annual % Change | 7.2 | 7.2 | 5.6 | 5.9 | 4.8 | 73.8 | 4.3 |
| Personal Income (Bil. $) | 458.7 | 498.8 | 530.5 | 564.2 | 602.4 | 641.1 | 682.1 |
| Annual % Change | 8.8 | 8.8 | 6.4 | 6.3 | 6.8 | 6.4 | 6.4 |
| Nonfarm Employment (Thous.) | 8,518.5 | 8,862.4 | 9,108.6 | 9,337.1 | 9,551.5 | 9,769.0 | 9,973.9 |
| Annual % Change | 4.0 | 4.0 | 2.8 | 2.5 | 2.3 | 2.3 | 2.1 |
| Resident Population (Thous.) | 19,311.7 | 19,665.7 | 20,002.8 | 20,340.9 | 20,684.2 | 21,041.9 | 21,409.8 |
| Annual % Change | 1.8 | 1.8 | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 |
| Unemployment Rate (%) | 5.4 | 4.9 | 4.6 | 4.5 | 4.5 | 4.6 | 4.7 |
| Oil Price ($ per Barrel) | 20.03 | 14.08 | 14.37 | 25.11 | 28.71 | 23.71 | 23.84 |
| Natural Gas ($ per MCF) | 2.12 | 2.06 | 1.69 | 2.57 | 4.10 | 3.60 | 3.16 |
| U.S.ECONOMY | |||||||
| Gross Domestic Prod. (Bil. 1996$) | 8,074.1 | 8,420.3 | 8,768.4 | 9,242.9 | 9,601.7 | 9,934.7 | 10,286.9 |
| Annual % Change | 4.4 | 4.3 | 4.1 | 5.4 | 3.9 | 3.5 | 3.5 |
| Cons. Price Index (1982-84=100) | 159.9 | 162.5 | 165.6 | 170.7 | 175.4 | 179.7 | 184.4 |
| Annual % Change | 2.7 | 1.6 | 1.9 | 3.1 | 2.7 | 2.5 | 2.6 |
| Prime Interest Rate (%) | 8.4 | 8.5 | 7.9 | 9.0 | 9.7 | 9.6 | 9.1 |
SOURCES: Carole Keeton Rylander, Texas Comptroller of Public Accounts, and the WEFA Group