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snooper2 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 10:38 AM
Original message
For all you follks who trash Texas- Bet you wish you were here now
:) :)


Monthly Review of the Texas Economy November 2008

By Ali Anari and Mark G. Dotzour

The Texas economy is relentlessly adding jobs despite more job losses for the nation.
Texas nonfarm employment rose 2.2 percent from October 2007 to October 2008
compared with a decrease of 0.9 percent for the United States (Table 1 and Figure 1). The
states seasonally adjusted unemployment rate rose from 4.3 percent in October 2007 to
5.6 percent in October 2008 (Table 1). Over the same period, the U.S. seasonally adjusted
unemployment rate rose from 4.8 percent to 6.5 percent.

Table 2 shows Texas industries ranked by employment growth rate from October 2007 to
October 2008. Table 3 shows the relative importance of the states industries based on
number of employees.

Despite recent decreases in oil prices, the Texas oil and natural gas industry continues to
gain jobs. The industrys employment increased 7.9 percent from October 2007 to
October 2008, and ranked first among Texas industries in employment growth rate (Table
2 and Figure 2). The average number of active rotary rigs increased from 864.8 in
November 2007 to 912.4 in November 2008 according to Hughes Tool Co.

The states professional and business services industry gained 62,100 jobs from October
2007 to October 2008, an annual growth rate of 4.7 percent, and ranked second in job
creation (Table 2 and Figure 3). Jobs gained consisted of 33,000 in administrative and
support services, 27,000 in professional, scientific and technical services and 2,100 in
management of companies and enterprises.

The states leisure and hospitality industry (arts, entertainment, recreation,
accommodations and food services) gained 34,800 jobs from October 2007 to October
2008, an annual growth rate of 3.5 percent (Table 2 and Figure 4).
The states education and health services industry added 34,900 jobs from October 2007
to October 2008, an annual growth rate of 2.7 percent (Table 2 and Figure 5). Jobs gained
consisted of 33,800 in health care and social assistance and 1,100 in educational services.

The states construction industry gained 16,600 jobs from October 2007 to October 2008,
a 2.5 percent increase (Table 2 and Figure 6). Job gains in the construction industry
consisted of 4,400 jobs in heavy and civil engineering construction, 10,000 jobs in
specialty trade contractors, and 2,200 in construction of buildings.

The states trade industry gained 31,500 jobs from October 2007 to October 2008, an
annual growth rate of 1.9 percent (Table 2 and Figure 7). Wholesale trade gained 5,600
jobs while retail trade added 25,900 jobs. Trade is the states largest industry after
government, accounting for 16 percent of nonfarm employment (Table 3).

The states government sector added 33,200 jobs from October 2007 to October 2008, an
annual growth rate of 1.9 percent (Table 2 and Figure 8). Government job gains consisted
of 18,600 in local government, 12,300 in state government and 2,300 in federal
government.

The other services industry (repair and maintenance, personal and laundry services,
religious, civic and professional organizations) gained 5,500 jobs over the year, a 1.6
percent increase (Table 2 and Figure 9).

Financial activities (finance, insurance, real estate, rental and leasing services) added
6,700 jobs to the states economy from October 2007 to October 2008, an annual growth
rate of one percent (Table 2 and Figure 10). In this industry, real estate, rental and leasing
added 4,500 jobs while finance and insurance gained 2,200 jobs.

The states transportation, warehousing, and utilities industry gained 2,700 jobs over the
year, a 0.6 percent increase (Table 2 and Figure 11). The job gains consisted of 1,600 in
transportation and warehousing and 1,100 in utilities industry.

The states manufacturing industry continues to lose jobs. The industry lost 10,600 jobs
from October 2007 to October 2008, a decrease of 1.1 percent (Table 2 and Figure 12).
Durable goods manufacturing gained 3,100 jobs while nondurable goods manufacturing
lost 13,700 jobs. Major job gains in the states durable goods manufacturing industry
were in fabricated metal product manufacturing (3,900 jobs), machinery manufacturing
(2,800 jobs), and nonmetallic mineral product manufacturing (700). Major job losses in
this industry were in computer and electronic product manufacturing (1,300 jobs), wood
products (1,200 jobs), furniture and related product manufacturing (700), and primary
metal manufacturing (200 jobs), and transportation equipment manufacturing (200 jobs).
Major job losses in the states nondurable manufacturing industry were in printing and
related support manufacturing (2,100 jobs), plastic and rubber manufacturing (1,400
jobs), paper manufacturing (1,000 jobs), food manufacturing (200 jobs) and chemical
manufacturing (400 jobs).

The states information industry (internet service providers, web search portals,
publishing industries, broadcasting and telecommunications) lost 2,600 jobs from
October 2007 to October 2008, a 1.2 percent decrease (Table 2 and Figure 13).
Texas Metropolitan Statistical Areas

All Texas metro areas experienced positive employment growth rates from October 2007
to October 2008. McAllen-Edinburg-Mission ranked first in job creation followed by
Laredo, College StationBryan, Midland, and Longview (Table 4).
The annual employment growth rate for the AustinRound Rock metro area from
October 2007 to October 2008 was 1.9 percent; the metro area ranked 13th in job creation
(Table 4 and Figure 14).

The annual employment growth rate for the Dallas-Plano-Irving and Fort Worth
Arlington metro areas from October 2007 to October 2008 was 1.7 percent; the two
metro areas ranked 14th in job creation (Table 4 and Figures 15 and 16).

HoustonSugar LandBaytown posted an annual growth rate of 2 percent from October
2007 to October 2008 and ranked 10th among the states metro areas (Table 4 and Figure
17).

The employment growth rate for the San Antonio metro area from October 2007 to
October 2008 was 2.1 percent, ranking the metro area sixth in employment growth rate
(Table 4 and Figure 18).

The states actual unemployment rate in October 2008 was 5.4 percent. Petroplexes
Midland and Odessa had the first and second lowest unemployment rates followed by
Amarillo, Lubbock and Abilene (Table 5).

MORE
http://recenter.tamu.edu/pdf/1862.pdf

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whistle Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 10:40 AM
Response to Original message
1. Good for you guys, are republicans making that happen in your state?
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cpamomfromtexas Donating Member (453 posts) Send PM | Profile | Ignore Fri Dec-05-08 10:42 AM
Response to Reply #1
2. No, only someone who wants to buy something creates jobs.
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snooper2 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 10:42 AM
Response to Reply #1
3. I don't think so...
We just have a diverse and strong economy that can survive the downturn
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MadHound Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 10:43 AM
Response to Original message
4. Couldn't pay me enough to live in Texas,
And frankly Austin is about the only place worthwhile to visit(though I have been elsewhere), and even that's been going downhill due to massive sprawl over the past ten years.

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navarth Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 10:44 AM
Response to Original message
5. You're tempting me to trash Texas.
don't do it.
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Amerigo Vespucci Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 10:44 AM
Response to Original message
6. A friend just retired to Texas, somewhere around Austin...
...he's from the South originally, so it was more like going home than heading into the great unknown.

I can't speak for anyone else when it comes to Texas, but I can tell you that any negative associations I have with the state come from the cartoon known as George W. Bush. Yes, he's a Connecticut native. But he decided that his "brand" was gonna be rootin-tootin Cowboy, and I am reminded of a quote that came out in the 2004 election: "Everyone went to school with someone like George W. Bush, and they did not like that person."

So I know that Bush doesn't define Texas, but I also find it impossible to believe that he's the only person in the state living up to that cartoon image. The arrogance, the swagger, the accent, the overall attitude...I don't care if Texans crap gold doubloons and live in eco-friendly GeoDomes. That element...the Bush element...will always be trash-worthy to me.

And I know how many people in Texas feel about California, where I live, so eventually it all evens out on the who's trashing who scale.

:patriot:
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TexasProgresive Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 11:37 AM
Response to Reply #6
11. Everything about BabyB* being Texan
is a fraud. He's born in Connecticut and educated in tony New England schools. There is not one person in Texas who talks like he does unless they are doing impressions. It is the worst example of a false Texas drawl ever. There is nothing real about this character who was put together by Rove. Now there's a Texan worthy of your scorn but not BabyB* - not that he's not scornworthy in his own right- just not as a Texan.
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taterguy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 10:47 AM
Response to Original message
7. Put your money where your mouth is. How much do you want to bet?
And how will I collect?
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HereSince1628 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 10:51 AM
Response to Original message
8. IMHO a bad day here is better than a good day in Texas
Which, one would correctly conclude, is why I am here and not in Texas. I recognize this as a matter of personal preference and not a matter of a rational assessment on any objective point of comparison.
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Eurobabe Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 10:57 AM
Response to Original message
9. I'm happy for Texans, but wouldn't move there for the world
Been there in '83, hated it. Houston. Sorry!
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Thirtieschild Donating Member (978 posts) Send PM | Profile | Ignore Fri Dec-05-08 11:00 AM
Response to Original message
10. My hometown, at the tip-top of the Panhandle, is booming, thanks to gas prices.
The county thanked the Republican oil cartel for their riches, giving McCain 91.7 percent of the vote. (They gave B*** an even higher percentage, bragging on their website that in 2004 they gave him the highest percentage of votes of any county in the country.) We went back last month for my mother's funeral - almost certainly the last time I'll ever go back - and Main Street had been transformed. Bradford pear trees, brick sidewalks, no boarded-up buildings. A second cousin swore that someone driving a truck for the oil fields could make $100,000 a year. I suspect he was as full of it about that as he was about everything else, but the place was booming.

Given the extreme conservatism, we wonder who left the dildo in plain sight in a public park. And why.
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navarth Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 11:32 AM
Response to Original message
12. Texas gave us Molly Ivins, Bill Moyers, Jim Hightower, Kenny Dorham.
It can't be all bad.

Of course, you have to keep reminding yourself of that if you visit there...very unpleasant to drive through Dallas and pass the George Bush Freeway. Unpleasant...

Some good Mex food in Ft. Worth, though. Dallas? Not my cup of tea, but people there seem to not mind it.
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Kajsa Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 11:41 AM
Response to Reply #12
14. Don't forget Ann Richards.
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navarth Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 12:37 PM
Response to Reply #14
19. You're right!! My EXTREME bad.
Sorry, Governor Richards. We miss you.
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Breeze54 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 11:34 AM
Response to Original message
13. No offense, snooper2, but I didn't read your OP and I would never be in TX!
Sorry.

:hi:
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petronius Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 11:45 AM
Response to Original message
15. Damn Texans! Stealing good jobs from American workers...
:grr:


;)
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DavidDvorkin Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 12:17 PM
Response to Original message
16. I lived there for four years and couldn't wait to get out
I know people who live there and like it. They're people I like, and I'm happy that they're happy. But I hated the place.

Texas unemployment is 5.4%? Colorado's unemployment is currently 5.3%. We win! Relatively speaking. It was a lot lower before the current disaster got under way.
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rainbow4321 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 12:27 PM
Response to Original message
17. I wouldn't go that far, the problems are slowly making their way down here
Local economy people are a little less optimistic than the people in your link:


http://www.dallasnews.com/sharedcontent/dws/dn/latestne...

Slumping summer traffic on NTTA's toll roads was seen as temporary, and officials said earlier this year that they expected road use would rebound once record-high fuel prices came down from $4 per gallon or more. But so far, the traffic has been slow to return and it may be months or longer before it does, Mr. Copeland suggested.

Even though gas prices have dipped into the $1.50-per-gallon range in parts of North Texas, drivers appear to have cut back on tolls, perhaps seeing them as luxuries in a time of uncertainty. Mr. Copeland said that trend will only accelerate in the new year, as concerns over the price of gas give way in coming months to bigger worries, like whether workers will keep their jobs as the Texas economy worsens.

"Now that we have actual toll receipts from September and October, we can see that traffic has not resumed as quickly as we thought as a result of lower gas prices," Mr. Copeland said. "We also didn't previously believe that North Texas would feel the brunt of the economic slowdown. Since then, we've seen articles and other reports that have convinced us that that's not the case."

-------------

http://www.dallasnews.com/sharedcontent/dws/dn/latestne...
Frank Berger, an economist with the Federal Reserve Bank of Dallas, used updated data to obtain revised estimates of how much employment has been growing in Texas.

In a report this week, he said the annual rate of payroll employment growth in Texas was only 1.4 percent in the second quarter of 2008. The previous estimate was of 2.4 percent growth.

"Probably, Texas employment has not grown as fast as what the published data say," Mr. Berger said. Moreover, with the national economy plummeting, the state will continue to decelerate, economists said.

"We have the temporary advantage of having a somewhat stronger economy here in Texas than a lot of other places in the country," said William Wallace, who teaches economics at the University of North Texas. "That gives us a leg up as far as how much we can withstand. But we'll get the brunt of this as much as anyone else."

--------------

http://www.tradingmarkets.com/.site/news/Stock%20News/2... /

Plenty of economic pain is already apparent in the Dallas-Fort Worth area. Some retail stores are closing, and a few chains are liquidating, slashing jobs. Real estate developers are halting some projects, sometimes leaving buildings half-built and laying people off.

Financial companies are also hurting. Earlier this month, Citigroup Inc. and Fidelity Investments announced worldwide layoffs, which could hit employees in North Texas.

The Dallas-Fort Worth area has already seen a dramatic spike in unemployment over the last 12 months, rising to 5.5 percent in October from 4 percent in the same month last year. Unlike the state's jobless rate, the local figure is not adjusted for seasonal variations.

Cheryl Abbot, an economist in Dallas with the U.S. Bureau of Labor Statistics, said she wasn't surprised that Texas added jobs in October. But she also warned the coming months may be less positive. "Texas is in a different condition from the rest of the country," she said. "But there is a definite slowdown in Texas. I think that's what all of us need to keep in mind."


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roamer65 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 12:30 PM
Response to Original message
18. Just wait until oil crashes to $25 a barrel, as analysts predict.
You'll get a taste of the Second Great Depression as well.
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MilesColtrane Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 12:49 PM
Response to Original message
20. There's a time lag between Texas and the rest of the U.S.
In 4-6 months we'll be in the same economic boat as the rest of the country.
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pitohui Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 12:50 PM
Response to Original message
21. how much of that is post-ike construction boom?
Edited on Sat Dec-06-08 12:50 PM by pitohui
we had the same thing in new orleans post-katrina, an INCREDIBLE spike in sales, business, construction, home values -- a crazy labor shortage with pay for jobs as much as doubling...all gone 3 years later

a post-hurricane boom is a temporary thing
and is, in any case, built upon an incredible amt of misery

no such thing as a free lunch
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