Half of the fastest growing economies in the US last year were found in Texas,reports The Wall Street Journal’s blog. Energy-rich Midland led the way with a 24 percent advance in gross domestic product. Other Texas economies that performed well were San Angelo, the Dallas-Fort Worth Metroplex, Victoria, Corpus Christi, Odessa, Tyler and Austin-Round Rock. The top non-Texas performers were Lake Charles, Louisiana, Greeley, Colorado and Bismarck, North Dakota.
The common element among these communities is energy. However, declining oil prices over the past year are likely causing some of these fast-growing economies to contract. For example, the economy in the Odessa, Texas, area advanced 6.3% in 2014. But the unemployment rate in Odessa has increased over the past year. The unemployment rate in Odessa now sits at 4.5 percent, still below the national average.
