Texas economy

BusinessWeek recently highlighted several Texas cities – specifically Dallas and Houston – as being amongst the U.S. metros “least touched by the recession.” Though the Lone Star unemployment rate hit 8.2% in September (peaking above 8% for the first time in 22 years), Texas still ranks high overall. And when compared to the national unemployment rate of 9.8% or Nevada’s 13.3%, an 8.2% average doesn’t seem so shocking.

The magazine also ranked the “Forty Strongest U.S. Metro Economies,” giving five Texas cities spots in the top ten: San Antonio (#1), Austin (#2), Dallas (#5), Houston (#9), and El Paso (#10). Pretty impressive!

How has Texas managed to maintain its footing in the midst of such a shaky situation? An affordable cost of living and low wage rates have drawn both individuals and corporations to Texas metros, and its economy has been further bolstered by strong oil and gas industries. Though no region has been immune to the recession, these factors have helped Texas remain remarkably strong. And according to Terry Clower, an economist at the UNT, “Texas is unlikely to face a prolonged downturn.”