AUSTIN – Today, the U.S. Bureau of Labor Statistics released state-level labor market data for April 2015. The Texas Public Policy Foundation’s Center for Fiscal Policy Economist Dr. Vance Ginn issued the following statement:
“Texas’ unemployment rate remains at the lowest level since July 2007,” said Ginn. “The Texas economy has weathered the drop in oil prices and strong U.S. dollar relatively well with 287,000 net nonfarm jobs created during the last twelve months. This job creation has contributed to the state’s 4.2 percent unemployment rate that’s now been at or below the national average for a remarkable 100 consecutive months. Critics of the Texas model suggest that the state’s economy would hemorrhage jobs with the oil price decline, but that hasn’t happened. In fact, the share of the population employed is at 62 percent, which is much higher than the national average of 59.3 percent.
“Pro-growth policies, expanded foreign trade, and a well-diversified economy contribute to the resiliency of the Texas economy that helps create opportunities for Texans to flourish. The final $3.8 billion tax package developed by the Texas Legislature that includes business tax cuts and property tax relief is exactly what’s needed to advance prosperity statewide.”
Vance Ginn, Ph.D. is an Economist in the Center for Fiscal Policy at the Texas Public Policy Foundation.
The Texas Public Policy Foundation is a non-profit, free-market research institute based in Austin, Texas.