Texas – Headed for a Recession?

With all the uncertainty in the US economy with the failing banks, housing markets in a shambles and the unemployment rate continuing to climb; it is refreshing to read about the state of the Texas economy.

David Dewhurst has stated that Texas is in pretty good shape for now, but 2009 might not be as health once they account for the cost of hurricane Ike. However, the fact that Texas is not facing a deficit as of yet, leaves me in utter amazement, and gives me a great deal of hope that the state economy will make it through this time of economic downturn.

It appears that the political leaders of our state are very conservative with the state budget, and are continuously working for the people of the state of Texas. The rainy day fund has been maintained to assist with unexpected state expenses, and should be able to hopefully cover most of the expenses from Ike. The state brought 26% of the nations new jobs to Texas; this is really encouraging that the state employment rate continues to grow. We still see companies laying-off workers within some of the industries, but there is a bit of hope that there are new jobs still coming to the state.

I feel pretty optimistic about the Texas economy; the leaders of our state have positioned us to be prepared for economic hardships while still looking out for our interests. If they continue some of the key initiatives they have begun and keep them at the forefront of their efforts, the state should be able to avoid a detrimental recession.