AUSTIN – Today’s Texas Workforce Commission (TWC) unemployment report is further proof that the Texas Model of doing business leads to prosperity, according to the Texas Public Policy Foundation. The TWC reported that Texas’ unemployment rate fell to 6.1 percent in December, down from 6.2 percent in November and from 7.4 percent one year ago. This marks the fourth straight month that the unemployment rate in Texas has declined and, more impressively, the 72nd consecutive month that the rate has been at or below the national average.
“It is not surprising that Texas continues to lead the nation in job creation and growth,” said Talmadge Heflin, Director of the Foundation’s Center for Fiscal Policy. “According to the report, in December alone Texas saw annual growth in 10 major industries, for an overall annual growth of 2.5 percent. As the saying goes, ‘Everything is bigger in Texas’ – obviously that proves true for prosperity, too.”
“While other large states, including California, are raising taxes and fees to balance their books, Texas is focusing on the spending side of the ledger,” said Chuck DeVore, former California Assemblyman and a Foundation Vice President. “Texas’ refusal to raise taxes last session means more money was left in the hands of the private sector to do productive things, like create jobs and be invested. Based on the data, Texas is all the better for it.”
In addition, six out of 11 major industries in Texas added jobs in December, led by 13,300 jobs added in Professional and Business Services-the largest over-the-month expansion for this industry since January 2012.
Talmadge Heflin is director of the Center for Fiscal Policy at the Texas Public Policy Foundation. Heflin served 11 terms in the Texas House and chaired the Appropriations Committee in 2003, leading the Legislature’s successful efforts to close a $10 billion budget deficit without a tax increase.
Chuck DeVore is Vice President of Communications and Senior Fellow 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.