Texas Experiencing Economic Growth
by: Andrew Schneider, May 25, 2012 5:05:00 am
Comerica Bank's Texas Economic Activity Index rose one point in March to a level of 97. The latest index reading is 25 points, or 35%, above the cyclical low set in mid-2009.
In a prepared statement, Comerica chief economist Robert Dye credited the strong energy sector and improving manufacturing sector for the gains. He said growth in energy and manufacturing is spilling over into the service sector, providing a broad basis for ongoing economic growth.
Texas job growth remains well above the national average and the state unemployment rate is well below average. Texas unemployment, at 7% in March, dropped to 6.5% in April, according to the Texas Workforce Commission.
On the down side, Dye noted that low natural gas prices are weighing on some drilling activity.