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Eastland Eco. Development
Development Incentives
The Eastland Community
Eastland Infrastructure
Demographics
Development Resources
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Eastland Economic
Development Corporation
Eastland City Hall
113 E. Commerce Street
Eastland, Texas 76448
Phone:
(254) 629-3349 |
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Overview of the
Texas Economy
 The
Texas Economy Online is an ongoing review of the most recent statistical
data about the state’s economy and people. This review provides a brief
analysis of economic and demographic trends and is intended to serve as
a onestop gateway to timely economic data on the Internet.
Population
The population of the Lone Star State reached 24,782,302 in July
2009,
according to the latest estimates from the U.S. Census Bureau.
Texas gained
more people (478,000) than any other state and remained
the second most
populous state between July 1, 2008, and July 1, 2009
according to a December 2009 Census press release. No further state
population estimates will be published until after the official 2010
Census counts are released in December 2010.
According to metro
population estimates from a March 2010 U.S. Census data release, the
Dallas-Fort Worth-Arlington Metropolitan Statistical Area (MSA) was
ranked No. 1, Houston-Sugar Land-Baytown was ranked No. 2, Austin-Round
Rock was ranked No. 12, and San Antonio was ranked No. 16 for population
growth for the 12 months ending on July 1, 2009. Two of the nation’s top
ten largest cities were in Texas with the Dallas MSA ranked No. 4 and
the Houston MSA ranked No. 6. These are the last metro population
estimates for metros before the release of 2010 Census numbers are
released for smaller areas in April 2011. Although overall, the latest
Census population estimates show widespread population growth reversals
with fewer people migrating to the Sun Belt, Texas saw substantial gains
due to a strong labor market and immigration growth, according to an
Associated Press Release.
According to a July 2009 U.S. Census
data release, three of the nation’s top
ten largest cities were in
Texas, according to July 1, 2008 population estimates. Houston was
ranked No. 4, San Antonio was ranked No. 7, and Dallas was ranked No. 8.
Four Texas cities were among the 10 largest numerical gainers from July
1, 2007 to July 1, 2008: Houston was No. 3, San Antonio was No. 5, Fort
Worth was No. 6, and Austin was No 9.
According to a March 2009
Census data release, Dallas-Fort Worth-Arlington
ranked No. 1 for the
nation’s MSA with the largest number increase from July 1, 2007 to July
1, 2008, followed by Houston-Sugar Land-Baytown ranked No. 2,
Austin-Round Rock ranked No. 8, and San Antonio ranked No. 15.
Dallas-Fort Worth-Arlington ranked No. 4 for the nation’s latest,
largest MSA population estimate and Houston-Sugar Land-Baytown ranked
No. 6. Austin ranked No. 2 in population estimates for the fastest
growing metropolitan area, with McAllen-Edinburg-Mission ranked at
No.14. Four Texas counties were in the top ten for the nation’s top
fastest growing counties with 10,000 or more population in 2008:
Williamson ranked No. 6, Kendall ranked No. 8, Rockwell ranked No. 9,
and Hays ranked No. 10. Three Texas counties were in the top ten for the
nation’s largest numeric
increase: Harris ranked No. 2, Tarrant
ranked No. 5, and Bexar ranked No. 10. Harris County ranked No. 3 and
Dallas County ranked No. 8 for the nation’s latest, largest county
population estimates.
The 2000 Census indicates that 82.5 percent
of Texas' population lives in metropolitan areas. The urbanizing of
Texas is underscored by recent growth trends - the state’s metropolitan
areas accounted for over 91 percent of Texas population growth between
1990 and 2000. Growth has occurred primarily in the large metropolitan
areas of Austin, Dallas, Houston, and San Antonio. Austin added 403,536
people during the 1990s, increasing its population by nearly 50 percent.
Other areas with significant growth are
metros located along the
Mexico border, such as McAllen, Brownsville, and Laredo. One of the
fastest growing regions in the state, the Lower Rio Grande Valley,
houses two adjacent metros - McAllen and Brownsville. Together they
added 261,025 people between 1990 and 2000 - about the same as the
increase for the entire San Antonio metro area during the same period.
Dallas-Fort Worth-Arlington, Houston-Sugar Land-
Baytown, San
Antonio, Austin-Round Rock, El Paso, and McAllen-Edinburg-Mission
are
all on the Census Bureau's latest nation’s 100 most populous
metropolitan
statistical areas (MSAs) list based on July 2006
population estimates.
According to the most recent population
projections from the Texas State Data Center,
Texas' population was
24,105,417 on January 1, 2008. The January 1, 2008 estimates
were
obtained by adding births to, and subtracting deaths from July 1, 2007
through
December 31, 2007, to the July 1, 2007 estimates and assuming
that July 1, 2006 to July
1, 2007 rates of migration continue from
July 1, 2007 to January 1, 2008. The Texas
State Data Center’s
methodology and therefore its estimates differ from that of the U.S.
Census Bureau.
In 2005, Texas became the fourth
"majority-minority" state, with a minority population
comprising 50.2
percent of its total population, according to U.S. Census Bureau
population estimates.
Employment Performance
Texas saw a decrease in employment in 2009, according to preliminary
data from the
U.S. Bureau of Labor Statistics (BLS), losing 220,000
seasonally adjusted nonfarm
jobs between January 2009 and December
2009. However, Texas is the only top ten state
that has more jobs
today than before the recession began three years ago (December 2006
to December 2009).
Texas saw a
total loss of 277,400 nonfarm jobs from December 2008 to December 2009,
an annual job loss of 2.6 percent, according to data published in the
January 2010
Monthly Review of the Texas Economy. In 2009, the
state’s Government sector ranked
first in job creation with a gain of
83,000 jobs and an annual growth rate (AGR) of 4.6
percent, followed
by the Education and Health Services industry with a gain of 60,500
jobs and an AGR of 4.6 percent, then Other Services with a gain of 6,100
jobs and an
AGR of 1.7 percent. The Texas Manufacturing industry
sector saw a net loss of 89,800
jobs in 2009, representing a 9.9
percent decline. The Federal Reserve Bank of Dallas
monthly data also
indicate declines in many of Texas’ major industry sectors
throughout
2009, including the manufacturing sector.
Texas’ unemployment
rate remained below the national unemployment rate in 2009,
according
to the Texas Workforce Commission, although it continued to follow the
nation’s upward trend.
For more current employment information,
the state’s monthly updates are charted and
tracked at the Federal
Reserve Bank of Dallas and the Texas Workforce Commission,
as well as
the BLS.
Industry Trends
The Texas Industry Portfolio area has detailed information about 27
Texas industry
breakouts. Information and data resources on Governor
Rick Perry’s six Texas Industry
Clusters, including some industry
reports and industry-related company directories, are
available at
Advanced Technology & Manufacturing; Aerospace & Defense; Biotech
&
Life Sciences; Information & Computer Technology; Petroleum Refining &
Chemical Products; and Energy. There are also Texas industry overviews
available,
including renewable energy breakouts for biofuels, solar,
and wind, as well as a
Manufacturing in Texas overview.
For
the fourth quarter of 2009, venture capitalists in Texas invested
primarily in the
Texas industrial/energy, medical devices and
equipment, and software.
Research and Development
Texas universities and research institutions are national and global
leaders in research and
development (R&D) in many industries -
including electronics, medical, biotechnology,
aerospace, advanced
materials, and energy. According to the National Science
Foundation’s
Science and Engineering State Profiles, Texas nationally ranks No. 3 for
science and engineering doctorates with 1,930 awarded in 2006; No. 4 for
total R&D
performance with $15.86 billion spent in 2005; No. 5 for
industry R&D expenditures
with $12.43 billion spent in 2005; No. 3
for academic R&D expenditures with $3.27
billion spent in 2006; and
No. 6 for SBIR awards with 1,693 awarded from 2000-2006.
Data
from the U.S. Patent & Trademark Office indicate that in fiscal year
2008 Texas
residents were issued 6,016 patents, ranking second
nationally, while in fiscal year 2007
Texas residents filed 15,886
patent applications, ranking second nationally.
Income
According to an October 2009 U.S. Bureau of Economic Analysis (BEA)
news release,
in 2009 Q1-QII, Texas ranked No. 35 nationally for
total calculated state personal income
at $903,080 billion for 2009
Q1 (revised data) and in 2008 ranked No. 26 for per capita
personal
income at $37,774. Government breakouts, led by the Military,
contributed
more to Texas’s personal income than any other industry
segment, followed by
Professional and Technical Services. The BEA has
revised its personal income
calculation methodology to incorporate
the comprehensive revision of the National
Income and Product
Accounts (NIPA).
Texas personal income was valued at $892.8
billion in 2009Q3 and the data indicate
continued steady increases.
The latest Texas Comptroller income data available also
show
increases in Texas 2008 personal income.
Real Estate
Texas has weathered the national real estate crunch without
significant damage to
property values, while sales and construction
activity have slowed. Despite its continuing
resiliency, Texas is not
immune from the national real estate crunch. The most recent
month’s
high level Texas housing review with statistics on housing sales, single
home
median prices, foreclosures, and building permits is available
in the Texas
Comptroller’s Economic Outlook.
Texas’ overall
housing affordability decreased slightly in 2009, while the nation’s
overall
figures remained constant, according to the Real Estate
Center (REC) at Texas A&M’s
Texas Housing Affordability Index. Some
individual markets saw housing
affordability increases, notably
Austin and San Antonio. 2010 sales and prices of
existing home in
Texas should remain at 2009 levels and new construction may pick up
slightly, however, the overall new home market will not significantly
turnaround for a
year or more, according to the REC’s 2010 Outlook.
The REC’s Texas Real Estate
Market Reports provide detailed
information about the 25 Texas MSAs.
Texas residential housing
permits data from the Federal Reserve Bank of Dallas
indicate
decreases in the early part of 2009, with upticks in the last two
months. The
REC Building Permit Activity website provides detailed
information about Texas
county, MSA, single family, and multi-family
permits.
Tourism
Travel is an important industry in Texas, and the state is a
favorite destination for both
domestic and international visitors.
Tourism revenues provide significant economic
benefits for the Texas
economy.
Total (direct and indirect) travel earnings in Texas
were estimated at $33.6 billion, direct
travel industry employment
totaled 1,023,000 jobs, and the Gross Domestic Product of
the Texas
travel industry was $23.8 billion in 2008, the latest annual data
available.
More information on the economic impact of travel in
Texas, hotel reports,
international visitation reports, and much more
are available. Texas tourist
information is also accessible online,
including free travel guides, state maps, and
emailed newsletters;
trip planners; podcasts and videos; lodging; activity and events;
cities and regions; and even customized itineraries.
Transportation
Texas’ central location facilitates in providing timely access to
national and international
markets via air, rail, roads, and water.
Texas has 305,270 miles of public roads , which
is more than any
other state. Texas’ railroad system was nationally top ranked in
2007, with 45 railroads (No. 2) operating on 10,804 rail miles (No. 1),
and carrying over
385 million rail tons (No. 5). Texas has thirteen
deep water ports with channels at least
30 feet deep along the Gulf
Coast. They include The Port of Houston, which ranks No.
2 in the
nation for cargo volume and No. 15 globally for total cargo volume in
2008.
The state’s two largest airports, Dallas-Fort Worth
International (DFW) and George Bush
Intercontinental in Houston
(IAH), serve as major hubs for connecting flights within the
domestic
and international air systems. 2008 International airport data indicate
that
DFW ranked No. 7 and IAH in Houston ranked No. 16 on the world’s
30 busiest airports
list by total passengers served; DFW ranked No. 3
and Houston ranked No. 7 on the
world’s 30 busiest airports lists by
aircraft movements; and DFW ranked No 28 on the
world’s 30 busiest
airports list by total cargo. The Fort Worth Alliance Airport (AFW)
was the first national airport built strictly to serve the inter-modal
distribution business
needs.
International border crossings
between Texas and Mexico rank among the busiest in
the United States.
In 2008, Texas had 57,420,823 total vehicle crossings, with
29,185,056 incoming and 28,235,767 outgoing. Brownsville ranked No. 1
for total
incoming vehicle crossings with over 5.5 million, followed
by El Paso with over 5.3
million then McAllen with over 4.5 million.
Laredo ranked No. 1 for total outgoing
vehicle crossings with over
5.3 million, followed by Brownsville with over 5.2 million
then
McAllen with over 4.9 million. Details on 2008 and partial 2009 Texas
truck
crossings, rail crossings, and pedestrian crossings are also
available from the link above.
Gross State Product
The Texas gross state product (GSP) for fiscal year 2009 was
estimated at $1,244.72
billion in current dollars and continues to
diversify, according to the Texas Comptroller
of Public Accounts
(CPA). The Texas CPA’s quarterly GSP estimates indicate that in
2009Q4, the Texas GSP was $1,249.31 billion.
If Texas were a
nation, its economy would rank as the 11th-largest in the world by Gross
Domestic Product (GDP), according to the Texas Comptroller’s 2009
estimates, which
is the most current compilation available.
International Trade
Texas is a leader in the global marketplace. In 2009, for the eighth
year in a row, Texas
was ranked as the number one state by export
revenues. Texas exports for 2009 totaled
$163.04 billion.
Products from the State of Texas are shipped around the globe each year.
The state's top
value-added Texas exports in 2009 were Computer &
Electronic Products, Chemicals,
Machinery (not electrical), Petroleum
& Coal Products, and Transportation Equipment.
Recent Texas
exports information by month indicate that 2009 ended with an upswing
in exports. The state's top value-added Texas exports in 2009 were
Computer &
Electronic Products, Chemicals, Machinery (not
electrical), Petroleum & Coal Products,
and Transportation Equipment.
Total U.S. 2009 exports decreased over 18.7 percent to
just over $1
trillion from $1.3 trillion in 2008.
Texas’ largest export market
continued to be its NAFTA trading partners, which
accounted for
approximately 42.8 percent of total state exports during 2009. Mexico
continued as the top export destination with just over $56 billion in
Texas exports.
Canada ranked second with $13.7 billion; China ranked
third at $8.9 billion; The
Netherlands ranked fourth at just over $6
billion; and Korea ranked fifth at $5.3 billion.
In 2009, Port
Level data from the Bureau of Economic Analysis indicated overall Texas
Port Level imports totaled approximately $236.41 billion, a decrease of
approximately 28
percent from $329.06 billion in 2008.
The
2009 Texas imports by the top ranked commodities were oil and petroleum
products ($1378.43 billion or almost 33.2 percent); electrical
machinery, computers, etc.
($77.8 billion or almost 33 percent); and
transportation equipment, including vehicles,
aircraft, railway, etc.
($22.9 billion or almost 9.7 percent). 2009 Texas imports for the
top
10 countries of origin accounted for $184.71 billion – or over 78
percent of Texas
imports. NAFTA trading partner, Mexico, was the top
country of origin for Texas
imports with approximately $115 billion
or 48.6 percent of Texas imports. NAFTA
trading partner, Canada, does
not rank in the top 10 for Texas imports, in striking contrast
to its
number two ranking for Texas exports in 2009. China (Mainland) moved to
the No.
2 ranking for Texas imports from No. 4 in 2008 (with $16.32
billion or 6.9 percent),
followed by Venezuela (with $11.75 billion
or almost 5 percent), Nigeria (with $8.8
billion or 3.7 percent), and
Saudi Arabia (with $6.7 billion or 2.8 percent).
In 2008, Texas
ranked second nationally for foreign direct investment (FDI) with $7
billion invested into the state, according to the consulting firm fDi
Intelligence. Texas
was nationally ranked No. 1 in 2006 and 2007 by
FDI investments. The Texas FDI
Overview provides more information on
this area.
Labor and Management Diversity
The value of sales and receipts of minority-owned firms in Texas
reached $1.81 trillion
in 2002, up from $1.41 trillion in 1997. (2002
data are the latest available from the
Economic Census, which is
produced every five years. 2007 Economic Census data will
be released
by 2011.) 2002 Economic Census data indicate there were 1,734,648
minority-owned firms in Texas in 2002, up from 1,525,972 in 1997. These
firms
employed 8,059,889 in 2002, up from 7,074,209 in 1997. Major
breakouts follow.
In 2002, there were 319,340 Hispanic-owned
firms in Texas, up 33 percent from
240,396 firms in 1997. Sales and
receipts rose 7 percent from $39.48 billion in 1997 to
$42.21 in
2002. Texas ranked second nationally for the number of firms and sales
and
receipts of Hispanic-owned firms. One in five U.S. Hispanic-owned
firms calls Texas
home. Three of the top MSAs with the largest number
of Hispanic-owned firms –
Houston-Baytown-Huntsville (#3),
Dallas-Fort Worth (#5), and Brownsville-Harlingen-
Raymondville (#9)
are in Texas.
In 2002, there were 88,769 Black-owned firms in
Texas, up 47 percent from 60,427
firms in 1997. Sales and receipts
declined 2 percent from $6.85 billion in 1997 to $6.69
billion in
2002. Texas ranked third nationally for sales and receipts and fifth
nationally
for the number of firms of Black-owned firms.
In
2002, there were 469,049 Women-owned firms in Texas, up 23 percent from
381,453
firms in 1997. Sales and receipts rose 3 percent from $65.1
billion in 1997 to $66.7
billion in 2002. Texas ranked third
nationally for the number of firms and sales and
receipts of
women-owned firms.
In 2002, there were 78,018 Asian-owned firms
in Texas, up 32 percent from 59,318
firms in 1997. Sales and receipts
rose 24 percent from $18.22 billion in 1997 to $22.62
billion in
2002. Texas ranked third nationally for the number of firms and sales
and
receipts of Asian-owned firms.
In 2002, there were 16,863
Native American-owned firms in Texas, up 8 percent from
15,668 firms
in 1997. Sales and receipts rose very slightly from $3.32 billion in
1997 to
$3.321 billion in 2002. Texas ranked third nationally for the
number of firms and second
nationally for sales and receipts of
Native American-owned firms.
In 2002, there were 1,543 Pacific
Islander-owned firms in Texas, up 70 percent from
908 firms in 1997.
Sales and receipts greatly declined from $624 million in 1997 to $277
million in 2002. Texas ranked fifth nationally for the number of firms
and third
nationally for sales and receipts of Pacific Islander-owned
firms.
Looking Ahead…
• Economic growth that exceeds the
U.S. average.
• Stronger business ties to
the far corners of the world.
• A younger
and more ethnically diverse population.
In short, this
is the future of the Texas economy in the coming years, most analysts
and
experts conclude. For a detailed statistical overview of the
long-term outlook for the State
of Texas, see the most recent state
economic forecast from the Texas Comptroller of
Public Accounts (CPA)
and the most recent state population projections from the
Texas State
Data Center. Also see the Texas CPA’s Key Texas Economic Indicators.
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