AUSTIN – Today, the Texas Workforce Commission released Texas labor market data for September 2015. The Texas Public Policy Foundation’s Center for Fiscal Policy Economist Dr. Vance Ginn issued the following statement:
“Texas has now created nonfarm jobs in seven of the last nine months despite critics who claim the Texas model is doomed to fail from the plunge in oil prices. On a longer-term horizon, Texas has employed more Texans in a remarkable 58 out of the last 60 months. This broad-based job creation, as eight of 11 industry sectors added jobs last month, contributes to the low 4.2 percent unemployment rate that’s now beat or been tied with the U.S. average for 105 straight months.
“It’s important to remain cautious about upcoming job growth with sustained low oil prices, but oil production per day remains near record highs. The Texas Comptroller’s recent Certification Revenue Estimate (CRE) downgraded oil prices for the current two-year budget period given current information, but he also expected economic growth to moderate rather than nosedive as the Texas model continues to be resilient. The CRE shows the wisdom of legislators limiting the growth in the state budget to less than population growth plus inflation in anticipation of slower revenue growth.
“By keeping taxes low and limiting spending, Texas will remain the place where the American dream is still possible.”
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.