Texas economy roughly same size as Australias
By State Rep. Phil King
AUSTIN Texas (Texas Insider Report) I dont know about you but I get worn out by all the negative news
I read and hear about in the media or
on the internet. Dont get me wrong I know our nation has a lot of problems. But as we close out 2014 lets remember
its been a record-setting year for Texas and we have only
better things to look forward to in 2015.
- Texas economic output is over $1.5 trillion and growing our Texas economy is roughly the same size as the economy of the nation of Australia.
- Since the beginning of the recession Texas labor force has grown at a rate of 10 times the U.S. labor force.
- Growth in energy exports professional and business services manufacturing & trade transportation and utilities have helped drive this growth.
Employment growth is broad-based across industries and income groups 2014 full-year job growth is expected to be 3.5 (the strongest since 1998).- The Unemployment Rate in Texas is 4.9 near a 6-year low and below the U.S. rate.
- Texas has hit a new record of income per person.
- Texas is the 3rd-fastest growing state in the nation and has added more people per state than any other.
- Texas has the highest percentage of home mortgages with positive equity and the lowest share in the nation of underwater mortgages.
- Construction contract values have reached a new record high.
- Texas markets make up more than one-third of all new industrial
construction in the country.
- Oil & Gas production soars along with refining capacity and exports of petroleum products.
- Texas is now the 3rd largest producer of natural gas in the world and
- the 6th largest producer of crude oil.
- 48 of all active land rigs in the United States are located right here in Texas.
- Texas has a balanced state budget with over $8 billion in the Economic Stabilization Fund.
- Texas is one of seven states that do not have income tax.
- 4 of the top 10 fastest growing cities in the nation Austin San Antonio Houston & DFW
And to top it all off Terry and I were blessed with two more grandchildren this year and a great new son-in-law.
State Representative Phil King represents House District 61 made up of Parker & Wise counties. King who is a past chairman of the House Regulated Industries Committee now sits on the Energy Resources Committee.
