Deep in the heart of a surging Texas economy Deep in the heart of a surging Texas economy https://www.recenter.tamu.edu/news/newstalk-texas/?Item=45302014-03-31T07:48:00Z2014-03-31T07:00:00Z

TEXAS - The $1.3 billion state economy has completely recovered from the Great Recession and is getting stronger. The Texas economy is now larger than those in Michigan, North Carolina and Georgia combined.

Texas and New York are the only two states to have restored all of the jobs lost when the recession hit in 2007, said John Heleman, chief revenue estimator in the Texas comptroller's office.

Texas unemployment is down to 5.7 percent, about a point lower than the national average, and the state's average home price has broken $200,000 for the first time ever. Consumer confidence in Texas is above average, while it remains low in California, Ohio and other Midwestern states.

Oil and gas production has doubled over the last six years and the state's rainy day fund will have $8 billion at the end of the 2014–2015 budget year.

The oil and gas industry directly employed 416,000 employees in 2013 and they averaged $120,000 a year in wages, according to James LeBas, economist for the Texas Oil and Gas Association. Producers paid $11.5 billion in royalties to 570,000 families, or about $20,000 per household.

Midland Reporter-Telegram
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