The good news for this week lies within a forecast made by the Federal Reserve Bank of Dallas. According to the organization's report, state-wide job growth is predicted to grow by two to three percent over the next 12 months, reflecting only a slight decline from the 3.2 percent estimation made earlier this year.
In addition to this employment force, Dallas Fed president Richard Fisher revealed a number of forecasts regarding economic trends over the next year, following discussions on the local economy. Exports, energy and construction have played large roles in stimulating job creation. While Texan employment rates have risen above pre-recession-levels for this year, experts point out a slight decline, as export and energy activities have gone through a slowdown since June.
Keith Phillips, the senior policy adviser for Dallas Fed, says that the seemingly small job growth is nothing that locals should worry about. "Most states would be happy to have 2 to 3 percent [job] growth," he says.
Energy has helped stimulate economic development in Texas since shale drilling commenced in 2006. Texas secured itself a spot amongst the top three oil-producing states -- Texas, Oklahoma and North Dakota -- this year.
However, Phillips explains that low natural gas prices have led to a decline in permits and drilling – a situation that's notable in dry natural gas areas such as the Barnett Shale in North Texas. While oil and gas jobs grew 8.1 percent so far this year, it pales in comparison to the 17.6 percent increase witnessed last 2011.
Meanwhile, the state's exports sector hasn't been doing too well either. "The outlook for [Texas] exports is not very strong," Phillips said. "Exports will likely be flat to down slightly."
On the other hand, construction performed quite well, as market conditions denoted scarce inventory, low mortgage rates, increased construction productivity, as well as the creation of more industry-related jobs