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March 17, 2009
Texas Won't Be Spared
A new report just issued from the Federal Reserve Bank of Dallas confirms what a lot of Texans already know: the economic recession was late getting to our state, but it is definitely here.
The Dallas Fed report suggests that the economic downturn in Texas lagged the nation as a whole by about six months, and that 2009 is likely to be a rough year in the state. Employment, exports, new home construction, and other indicators are all down. Jobs in Texas are expected to decline by about 3% in 2009 -- partially due to layoffs, but also because of a growing labor market. That means while we do have current members of the workforce losing their jobs, we also have other folks moving here from elsewhere, as well as young Texans reaching working age.
If there is any silver lining for the Houston area, it is that our city is not expected to be hit quite as hard as Austin or Dallas, unless energy prices really tank. Small consolation to the thousands of people here who are struggling, but let's hope it's true.
So, newsflash: it's gonna be a tough year.
Posted by houtopia at March 17, 2009 09:52 AM