Texas Experiencing Economic Growth

The latest survey of the Texas economy by Comerica Bank shows the state continued to grow in March.

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.

Bio photo of Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...