October employment report demonstrates continuing vitality of Texas economy
“The next few months will be critical, as we see whether the Texas Model will be able to withstand what is already shaping up as a national drag of more punitive taxes and more onerous regulation of business.”
“October’s job report shows a Texas economy that continues to thrive. Almost every sector of the Texas economy is showing strong gains and the state is making fast progress toward returning to what economists define as full employment.
“The next few months will be critical, as we see whether the Texas Model will be able to withstand what is already shaping up as a national drag of more punitive taxes and more onerous regulation of business. Many employers have already announced layoffs and reduced hours, but others are openly looking at relocating to Texas as their best opportunity to stay in business. It is critical that the next Texas Legislature keep taxes, spending, and regulation low so that our state remains the most attractive place in the country for businesses to locate and hire.”
- For the month of October, Texas added 36,600 net new jobs, with about two-thirds of those coming from the private sector. Year-over-year, Texas’ economy has added 277,400 net new jobs. The state’s unemployment rate, 6.6 percent, is down from 6.8 percent in September and is well below the national average, 7.9 percent.
James Quintero is senior fiscal policy analyst at the Texas Public Policy Foundation.
The Texas Public Policy Foundation is a non-profit, free-market research institute based in Austin.
Primary website: www.TexasPolicy.com
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