A Report to the
Citizens of Texas
Fiscal 2012 • Sept. 1, 2011 – Aug. 31, 2012
This is Texas
Job Growth, Economy Looking Bright
The Texas economy continues to look positive, with most of the state’s industries recovering from the recession. Contributing significantly to the growth has been the exploration and production activity of the Texas oil and natural gas industry. As of August 2012, Texas employment has increased by 624,500 from the low point in December 2009 – adding nearly 197,000 more jobs than were lost in the Great Recession.
Texas dominates Forbes magazine’s list of best cities for jobs. In ranking the 65 largest metropolitan areas, Austin placed first, Houston second, Fort Worth fourth and Dallas-Plano-Irving sixth.
During fiscal 2012, migration to Texas grew the state’s population by more than 200,000. Fortunately for those newcomers, job growth exceeded the number of migrants and native entrants to the Texas labor force. The average unemployment rate decreased from 8.1 percent in fiscal 2011 to 7.3 percent in fiscal 2012.
Texas: Good for Business
For the eighth consecutive year, Texas was named the Best State for Business by Chief Executive magazine. The ranking comes from an annual survey in which more than 650 chief executive officers (CEOs) voiced opinions, many giving Texas high marks for its workforce quality business-friendly tax and regulatory environment. One CEO commented, “Texas – what else needs to be said – great people, low tax, low regulation, great central location.”
The Lone Star State also earned the top spot in CNBC’s America’s Top State for Business 2012. The study also recognized Texas for having the nation’s best infrastructure, gave it a second-place nod for technology and innovation, and acknowledged it for the third lowest cost of living in the nation.
Mining and Logging Industry Growing
In fiscal 2012, the fastest growing major industry in Texas for the second consecutive year was mining and logging, propelled by the effects of firmer market prices and improved technology on oil and natural gas exploration.
Energy Remains Strong
With Texas economic activity swelled by the demand for the products and services of the state’s energy industry, the economic value of Texas manufacturing increased from an estimated $190 billion in fiscal 2011 to $196 billion in 2012.
Employment Percent by Industry
|Health Care/Social Assistance||13%|
|Accommodation and Food Services||9%|
|Administrative & Support/Waste Management||6%|
|All other Industries||30%|
Texas by the Numbers
|Fiscal Year||Resident Population||Per Capita Income||Nonfarm Employment||Unemployment
|Public School Enrollment
(for preceding school year)