Texas
Related: About this forumTexas, Once a Star, Becomes a Drag on the U.S. Economy
This article was pay-per-view when I tried direct access. Going to the article from Google News brought it up for free.
Since the collapse in oil prices, jobs are lost and growth stagnant; leaving Houston for Atlanta
By Erin Ailworth and Ben Leubsdorf
erin.ailworth@wsj.com
http://twitter.com/ailworth
ben.leubsdorf@wsj.com
http://twitter.com/BenLeubsdorf
Oct. 12, 2016 5:30 a.m. ET
HOUSTONTexas helped lead the U.S. out of recession, thanks in part to the shale drilling revolution. But after more than two years of slumping oil prices, the state is now a sore spot for the national economy. ... Petroleum prosperity helped usher in an economic boom in Texas, which added one out of every seven new American jobs between 2010 and 2014. But since the end of 2014, the state has lost more than 91,000 jobs in oil-and-gas extraction and mining-support activities, nearly half of the total national job losses in those categories. Texas payrolls were up 1.6% in August from a year earlier, trailing the national pace of job growth for the 11th consecutive month.
The collapse in oil pricesfrom more than $100 a barrel in June 2014 to roughly $50 todayhas been felt nationwide. But the largest economic impacts are in Texas, the nations second most populous state, which accounts for roughly 9% of U.S. economic output.
The Texas economy grew 3.9% a year on average from 2010 to 2015, nearly twice the U.S. pace, according to data from the U.S. Commerce Department. But the states output barely grew in this years first quarter, weighed down by losses in the mining sector, which includes the oil and gas industry.
The hiring slowdown in Texas accounts for some of the national deceleration in job creation since last year. And the Texas-centered energy bust has helped drive a national pullback in business spending on structures and equipment, a drag on overall economic growth.
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Lynn Cook contributed to this article.
Please note that the first chart does not measure the unemployment rate, but the change in the unemployment rate over that of the previous year.
tonyt53
(5,737 posts)Talk about a welfare state.
TXCritter
(344 posts)Texas broke even or paid a little in during the good years. Still, here we see the true fruits of conservative economics.
Maybe that's why losses are shown as RED ink
meadowlark5
(2,795 posts)They always thought they were their own nation because of their economy. Guess those secession plans will have to be on hold
TXCritter
(344 posts)Close 18 military bases, NASA, send away USAA and all the defense contractors. Instant economic collapse.
Javaman
(62,530 posts)they pinned all their hopes and dreams on oil maintaining a high price.
now that it's in the dumper, they are scrambling to figure things out without an endless supply of money.
this is the very simple fact as to why they lost the governorship back in the 80's and will lose it again for the same reason next time around.
People in this state have very short memories, and think that the repukes are "fiscally responsible" when it's quite the opposite.
It will take, as usual, a Dem to unfuck the repukes fuck up.