Transcription of Your Texas Economy - Dallas Fed
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Your Texas Economy - Dallas Fed
Your Texas EconomyCurrent through: Tuesday, January 25, 2022 Texas EconomyTexas produces 9 percent of GDP, second only to CaliforniaTexas has a large and diverse workforce made up of 14 million workersTexas is younger and faster growing than the nation2 Overview of Texas Economy The Texas Economy has recovered strongly since the COVID-19 pandemic. Pandemic initially destroyed million Texas jobs; 99 percent have been recovered by December 2021. Manufacturing output continues robust recovery, and service sector growth is increasing. Unemployment rate declined sharply since April 2020 peak, is percent as of December and Job Growth Recovered Strongly in growth (percent)4*Seasonally adjusted, annualized rate. Partial year data is represented with a shaded bar/dashed : Last data points are annualized job growth for Texas (Dec. 2021/Dec. 2020) and (Dec. 2021/Dec. 2020).SOURCES: Bureau of Labor Statistics; Texas Workforce Commission; seasonal and other adjustments by FRB : Texas Job Growth Remained Robust in 4thQuarterJob growth (percent), quarter/quarter* *Seasonally adjusted, annualized rate.
in March and April 2020 caused a significant decline in output and employment, followed by a sharp rebound. While Texas employment fell 4.5 percent in 2020, 2021 employment is expected to grow 5.3 percent, with a return to prepandemic employment - levels by year-end. For more information, see the Texas Employment Forecast at
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