TABLE 1
Texas Economic History and Outlook for Fiscal Years, 1995-2001
Fall 1998 Forecast
TEXAS ECONOMY 1995 1996 1997 1998* 1999* 2000* 2001*
Gross State Product (Bil. 1992$) 481.3 498.6 525.6 554.0 574.0 595.6 616.8
Annual % Change 4.8 3.6 5.4 5.4 3.6 3.8 3.6
Personal Income (Bil. $) 395.1 419.6 451.6 484.2 513.9 547.8 584.6
Annual % Change 7.2 6.2 7.6 7.2 6.1 6.6 6.7
Nonfarm Employment (Thous.) 7,964.5 8,189.0 8,515.3 8,826.2 9,052.7 9,298.4 9,566.3
Annual % Change 3.8 2.8 4.0 3.7 2.6 2.7 2.9
Resident Population (Thous.) 18,693.1 19,046.2 19,395.3 19,745.8 20,101.3 20,453.2 20,829.4
Annual % Change 1.9 1.9 1.8 1.8 1.8 1.8 1.8
Unemployment Rate (%) 6.0 5.8 5.5 4.9 5.0 5.2 5.4
Oil Price ($ per Barrel) $16.22 $17.87 $20.62 $15.19 $13.06 $13.43 $14.25
Natural Gas Price ($ per MCF) $1.39 $1.81 $2.17 $2.12 $2.04 $2.09 $2.14
U. S. ECONOMY
Gross Domestic Prod. (Bil. 1992$) 6,727.4 6,927.9 7,201.9 7,463.2 7,647.5 7,814.9 7,973.9
Annual % Change 2.6 3.0 4.0 3.6 2.5 2.2 2.0
Cons. Price Index (1982-84=100) 151.5 155.7 159.9 162.6 166.0 169.9 174.0
Annual % Change 2.8 2.8 2.6 1.7 2.1 2.3 2.4
Prime Interest Rate (%) 8.7 8.4 8.4 8.5 8.6 8.6 8.5
*Estimated or Projected.
SOURCES: Carole Keeton Rylander, Texas Comptroller of Public Accounts and The WEFA Group.
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