Over the past year, the Texas economy has created more jobs than the next four most populous states combined.
According to the latest data from the Texas Comptroller, total nonfarm employment in Texas increased from 10.23 million in August 2009 to 10.36 million in August 2010, yielding a growth of just over 129,000 jobs. By comparison, over the same period, California lost 112,800 jobs; New York lost 39,600 jobs; and Illinois lost 7,200 jobs. Florida was the only other large state of the five to add employment, gaining nearly 30,000 jobs since last year.
Though the state’s economy still has a way to go, the new data clearly suggests that Texas’ job market is in the best position of any large state by far.
Other economic indicators, namely the state’s unemployment rate and gross state product, reinforce this claim. Currently, Texas’ unemployment rate is 8.3 percent, making August 2010 the 44th consecutive month that Texas’ rate has been at or below the national average, while the comptroller is projecting the Texas economy will grow by 3 percent in 2010.
Clearly, the pro-growth, low-tax policies of recent years are working in favor of the Texas economy, particularly when compared to other states. Now if we can only continue down this path…
– James Quintero