The Lone Star State was, for the most part, less impacted by recent economic downturns than other states. Strong recovery in the services and construction sectors helped to keep the state afloat during hard times.
However, as UPI reports, the Texas economy is still under pressure. The Federal Reserve Bank of Dallas has found plenty of room for economic recovery in the state. In some major cities like Houston, where many energy companies are headquartered, rates of unemployment have increased recently.
Even so, the bank said it expects job growth to increase by almost one percent for the rest of the year. And there is certainly room for improvement in the manufacturing and energy arenas. The reserve bank said a stronger dollar continues to put pressure on the state’s manufacturing sector. Meanwhile, crude prices in the upper $40-per-barrel range continue to put stress on the Texas economy.
