A Report to the Citizens of Texas: 2011 Page: 4
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The Texas Economy:
Where We Are,Where We're Going2011
Jobs
The Texas economic direction reflected an
overall positive change in 2011, particularly with
employment numbers:
" Through December 2011, Texas recovered
all of the jobs lost during the recession; the
U.S. just 36 percent. At the end of fiscal 2011,
Texas added 232,900 jobs, more than any
other state.
- Mining and logging was the fastest growing
major industry in Texas.
" However, government employment in Texas
declined by 35,500 jobs (1.9 percent) during
fiscal 2011, due to budget constraints and
school district and postal service cutbacks.
Economic growth
In the face of a weak national recovery, Texas
has a relatively attractive economic picture. The
Texas economy moved more fully into recovery
and showed significant job growth in the state.
" Total state revenues were $1.7 billion
above projection.
" Motor vehicle sales were quite robust, with a
12.7 percent increase reflecting the backlog
of demand.
" With Texas serving as the headquarters for
many companies in the oil and natural gas
industry, the mining and logging industry's
contribution to Texas personal income was
more than five times the national share.
Exports
- Exports continued to boost Texas
manufacturing. Texas exports increased
by 21.6 percent in fiscal 2011.Real Gross State Product - total value of goods and services
I produced (Billions)
Annual Percent Change
Taxable Oil Price ($ per barrel)2012 and Beyond
Challenges
The outlook is for continued moderate job growtl
in fiscal 2012 and 2013. Job growth is expected to
slow somewhat in response to a period of economic
weakness nationally and internationally.
Areas that will show gains
- Motor vehicle tax revenue collections will
continue to grow in fiscal 2012 by an expected
8.5 percent as consumers and businesses
continue to replace older vehicles in an
environment of more available credit and high
fuel prices, manufacturer and dealer incentives
and release of pent-up demand.
" Because the Texas economy will continue to
be healthier than the national economy,
migration will be an important part of future
state population growth. Texas population
will increase by about 926,000 in the 2012-13
biennium an average annual increase of 1.8
percent to 26.6 million Texans in fiscal 2013
- Registered nurses topped the projected list of
most-needed jobs, with a projected gain of
50,756 jobs in the decade ending in 2020, an
increase of 30 percent from 2010. Filling these
slots could be challenging, given an ongoing
shortage of nurses.
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Management Division: statcwidc.accounting (1 cpa.statc.tx.us2011 2012 2013
$1,253.6 $1,299.6 $1,353.25.7
$87.853.7
$78.654.1
$78.672014
$1,431.85.8
$81.45Taxable Natural Gas Price ($ per MCF) $4.13 $3.98 $3.93 $4.28
Nonfarm Employment 10,520,300 10,671,400 10,834,300 11,049,500
Annual Percent Change 2.2 1.4 1.5 2.0
Unemployment Rate (percent) 8.2 8.3 8.1 7.5
Gross State Product is a measure of the total value of goods and services produced in Texas. Nonfarm
Employment represents the number of jobs in the economy, not including jobs relating to the farming industry.Get the latest!
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accounts/TXSUGAR/subscriber/niew4 Susan Combs,Texas Comptroller of Public Accounts
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Texas. Comptroller's Office. A Report to the Citizens of Texas: 2011, report, 2011; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth839246/m1/4/: accessed June 21, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.