Author/Source:Texas Ahead: Susan Combs, Texas Comptroller of Public Accounts, 2010.
State Comptroller Susan Combs: "The Texas economy, the world’s 11th-largest, continues to fare better than those of many other states. But Texas felt the effects of the worldwide recession during 2009. The state is emerging from the recession more quickly than the nation, but the pace of recovery is slow.
"According to the National Bureau of Economic Research, the U.S. economy peaked in December 2007 and entered recession. The Texas economy continued to grow through most of 2008, with employment peaking in August that year, then Texas joined the nation in losing jobs. During 2009, Texas’ gross state product (GSP) declined more slowly than the U.S. economy (-1.4 percent versus -2.4 percent.)
"Despite the state’s economy contracting in 2009, Texas’ relative economic advantage has continued as the state and U.S. economies have begun to recover in 2010. Although job growth will continue to lag the renewed expansion of economic production, the Comptroller’s office estimates that the Texas’ GSP will grow from a reduced base by 3.0 percent during calendar 2010. During the first seven months of 2010, Texas nonfarm employment increased by 181,500. This was 28 percent of the nation’s total nonfarm employment growth, signaling a Texas job growth rate that is more than three times the national average".
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