A Report to the
Citizens of Texas
Sept. 1, 2009 – Aug. 31, 2010
The Texas Economy:
Where We Are, Where We’re Going
The Texas economic direction reflected an overall positive change in 2010, particularly with employment numbers:
- Texas’ nonfarm employment increased by 192,100 jobs from November 2009 to November 2010.
- Texas added jobs in eight of the state’s 11 major industries in 2010, with the fastest rate of job growth in the oil and natural gas sector. The areas that added the most jobs were education and health services.
- The information industry, which includes broadcast media, telecommunications and Internet-based services, was the poorest performer.
Economic data indicated that Texas and the nation returned to economic growth in 2010.
- Texas’ real gross state product (GSP) grew by 3.4 percent.
- The diversity of Texas industries, a relatively healthier housing market and strong export performance allowed the state to grow faster than the nation.
- Export sales reached an all-time high in 2010, accounting for 15.8 percent of the state’s gross state product.
- Texas lead all other states in the value of its export trade.
2011 and Beyond
The most recent economic forecast indicates continued improvement in 2011 and beyond that will be slower than normal due to an economic recovery that continues to struggle with these issues:
- High unemployment rates
- — Texas still has the second lowest unemployment rate of the 10 most populous states.
- — Texas is projected to continue with an unemployment rate below the national average.
- Cautious consumer spending
- Tight credit markets
Areas that will show gains
- Export sales
- Business investment
- Capital spending
Relatively strong recovery
Texas’ recovery should outpace the nation due to:
- Continued net migration to the state
- Location in the nation’s healthiest economic region
- An experienced workforce
- A growing energy industry
- A comparatively healthy housing market
|Real Gross State Product (Billions)||$1,271.0||$1,327.2||$1,382.7||$1,452.6|
|real gross state product Annual Percent Change||3.9%||4.4%||4.2%||5.1%|
|Personal Income (Billions)||$979.1||$1,023.7||$1,067.0||$1,114.4|
|Personal IncomeAnnual Percent Change||2.1%||4.6%||4.2%||4.4%|
|Nonfarm EmploymentAnnual Percent Change||-1.0%||1.4%||2.0%||2.4%|
|Resident PopulationAnnual Percent Change||1.9%||1.8%||1.7%||1.6%|
|Unemployment Rate (percent)||8.3%||8.2%||7.7%||7.1%|
Gross State Product is a measure of the total value of goods and services produced in Texas.
Nonfarm Employment represents the number of jobs in the economy, not including jobs relating to the farming industry.