Texas Annual Financial Report: 1989 Page: 8 of 196
iii, 187 p. : charts, graphs, ill. ; 28 cm.View a full description of this report.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
CONTINUING WEAK LINKS IN THE THE TIMES, THEY ARE A-CHANGIN'
ECONOMYThe Texas economy
diversified consider-
ably in the 1980s as
the growth of serv-
ice industries, trans-
portation and manu-
facturing put Texas
more in tune with
the national econ-
omy, both in good
times and bad.For yet another year, Texas lost oil/gas and
construction jobs, but these sectors hit bottom
toward the end of the year.
The oil and gas industry continued to con-
solidate, as West Texas continued to lose energy
jobs. But stability marked major energy centers
such as Houston, which benefitted from the
consolidations. Statewide, oil and gas jobs de-
clined more than 5 percent.
Although volatile during the year, oil prices
closed the year at around $17.20 per barrel, up
more than three dollars over the $13.90 price at
the beginning of the year. Oil and gas rigs
drilling reversed a decline during the year, clos-
ing the year at 265 operating rigs, after hitting a
low point of 218 in February.Construction employment also remained
weak, since overbuilt construction earlier in the
decade has not been completely absorbed.
Employment fell for the fourth straight year. But
the construction industry showed signs of recov-
ery by the end of fiscal 1989, as increasing occu-
pancy rates and a modest increase in housing
starts pumped some life into the industry.The Texas economy diversified considera-
bly in the 1980s. Oil and gas remained a major
player in the state's economy (at around 15
percent), but is only about half as important as it
was in 1981, when it made up 28 percent.
Service-producing industries, particularly
health and business services, government, and
transportation accounted for the bulk of new
Texas jobs in 1989. The increasing role of
services, transportation, and manufacturing has
put the Texas economy more in tune with the rest
of the nation, both in good times and bad.
In 1989, Texas manufacturing suffered
somewhat from the rising dollar, which reduced
the competitiveness of Texas producers in for-
eign markets. So, while exports remained healthy,
growth slowed when compared with previous
years.
Manufacturing employment declined a
fraction of a percent in 1989. Hit hardest was the
production of oil and gas machinery, building
materials, apparel, and home furnishings. Al-
though slower than in 1988, some manufacturing
industries posted healthy gains, particularly trans-
portation equipment, computers, and chemicals.
Miscellaneous durable and nondurable goods,
such as toys and plastic products, showed the
fastest rate of growth.
Transportation employment rose 10 per-
cent, being boosted by American Airlines deci-
sion to expand its hub activity at DFW Airport.
The port of Houston, having bumped New York,
became the No. 1 handler of import and export
cargo in the nation. Overall, Houston remains
the third busiest port in the nation.
Mandated upgrades in prison and mental
health facilities and public education, along with
increased hiring at state colleges and universi-
ties, spurred employment growth in the govern-
ment sector. Government employment increased
almost 6 percent during the year.
Trade showed a modest improvement in
1989. Retail sales were up 7 percent in fiscal
1989, but some areas of the state, such as the Rio
Grande border, exceeded double digit growth.
Sales were up 8 percent in Houston, 6 percent in
Dallas/Fort Worth, 9 percent in San Antonio, 4
percent in Austin, and 11 percent in El Paso.
Leading the state with year-over-year increases
were Laredo at 20 percent and McAllen at 172 1989 Audited GAAP Annual Financial Report
a' c
Upcoming Pages
Here’s what’s next.
Search Inside
This report can be searched. Note: Results may vary based on the legibility of text within the document.
Related Items
Other items on this site that are directly related to the current report.
Texas Unaudited Generally Accepted Accounting Principles Annual Financial Report: 1989 (Report)
Report containing the unaudited finances of the state of Texas for the fiscal year that ended on August 31, 1989. It includes sections for general purpose financial statements and supplementary bond schedules.
Relationship to this item: (References)
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Report.
Texas. Comptroller's Office. Texas Annual Financial Report: 1989, report, June 30, 1990; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth307553/m1/8/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.