“This may be more important than ever. As we continue to prepare and protect ourselves and our loved ones from the effects of the coronavirus, it is important to remember that we in Texas are in a strong position relative to most of the world,” said Rod Bordelon, senior fellow with the Texas Public Policy Foundation’s Center for Economic Prosperity. “And we will need that strength to get us through this period.
“Texas, like the rest of the nation is not immune from the effects of the virus and its impact on the health and well-being of the population. We also are not immune to the impact the virus is having on our economy. The Texas Comptroller has recently indicated we can expect to see a slowing of economic activity at least in the short run. That is to be expected. But let’s also remember our economic strength prior to this slow down and how that strength will now help address the needs of the state and get us through this period as quickly as possible.
“Going into this expected slowdown, we have had an extraordinary period of economic growth. On a national scale, our economy had never been stronger, and for some time now, Texas has led the nation in economic growth and job creation. Today, the Bureau of Labor Statistics that January job and income numbers continued to improve. And once again, Texas led the nation in job growth year over year from January 2019 to January 2020. Texas added almost 280,000 jobs from January 2019 to January 2020, the most of any state. Average also increased year over year through February 2020.
“It cannot be overstated how important these numbers are to our economic and personal well-being. We will likely have continued challenges ahead, but Texas appears well prepared. The strength of our economy will allow us to address the health and needs of our citizens and come out of this period in better shape.”