Kasper & Associates Market Update: Texas Economy

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Texas Economist, Dr. Ray Perryman of the Waco-based Perryman Group, recently published his Five-Year Outlook for the Texas Economy detailing how Texas has recovered from the 2020 pandemic.  Highlights of the report include the following:

• When the pandemic hit, the Texas economy was experiencing historic expansion.  But in just two months nearly 1.5 million jobs were lost.
• Since that time, Texas has recovered and is now more than 200,000 jobs above the pre-pandemic peak.
• Supply-chain issues, inflation and worker shortages are expected to linger over the near term, but the outlook for Texas remains favorable.  Energy and technology sectors, along with the state’s underlying strengths, contribute to continued expansion.
• The pace of oil and gas drilling has increased with near record levels of new drilling permit requests.
• Texas was awarded its 10^th consecutive Governor’s Cup by Site Selection magazine for having the largest number of major corporate relocations or expansions.  The state is the site of four of the top 10 capital investment projects.
• An estimated 1.4 million net new jobs are projected for the Texas economy by 2026.  The services sector is expected to drive job growth, while Real Gross Product expansion will be concentrated in mining, services and manufacturing.
• In short, Texas is likely to remain among the world’s strongest economies for the foreseeable future.

K&A is proud to do business in this great state and work with business owners that are the backbone of our economy.