Liz Price" />
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Tuesday, October 3, 2023


Texas’ economic situation not so dire

Everywhere you go, the word ‘recession’ pops up in conversation. Whether someone is using it to explain why they don’t have a job or is employing it to bash Bush or Obama, it’s practically impossible to go through an entire day without a discussion turning to the nation’s poor economy and unemployment rates.

Across the globe, nations’ economies seem to be rising and falling. Because of the recession, the government has handed out large bailouts, allowing it to increase its control in big businesses and causing many Americans to cry ‘socialism.’ Once-prominent cities such as Detroit have been so badly affected that they are shells of what they once were, and have almost turned into ghost towns.’

All politics aside, many Texans feel blessed that we’ve seemed to keep our heads above water while other large states have not. More people move to Texas every day than anywhere else in the nation. Texas’ unemployment rate is at 8 percent, which is lower than the national average of 9.7 percent and is significantly lower than other large states such as California, who has a mind-blowing unemployment rate of 12.2 percent.

However, while we Texans are better off than many places, one should carefully observe the economy. In the last year, Texas’ unemployment rate has climbed by 2.9 percent. The U.S. Census Bureau recently reported that about one out of every four Texans is uninsured.

Houston’s unemployment rate is at 8.4 percent-the highest it has been in over a decade-and it is climbing rapidly. In January, it was at 6.5 percent, which was a dramatic increase from 5.6 percent in December. A little more than a year ago, economists were saying that Houston was recession-proof.

‘Houston has seen considerable job loss in several industries, including construction, which lost 4,100 jobs, trade, transportation and utilities, which lost 7,200 jobs, and professional and business services, which lost 11,900 jobs,’ said Texas Comptroller of Public Accounts Susan Combs.

So why did 130,185 people move into the Houston area last year? In spite of our economic downfalls, Houston’s job market is growing in some areas. Aviation and aerospace, energy and petrochemical, medical and biotechnology, information technology and nanotechnology are all areas where major job growth is considered critical to the future of Houston.

We are blessed to live in a state rich with resources. The production of goods and services from Texas is invaluable to the nation’s economy, and we will eventually bounce back with full force. We can help the state’s economy by paying off debts, keeping our credit usage to a minimum and by shopping locally, which includes not buying things online from other states.

We will all enter a competitive work force before we know it. Being informed on our economic state is a key to being successful.

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