Texas politicians might be having their issues right now, like Governor Rick Perry’s recent legal problems. But the state’s economy is chugging along, and shows no signs of slowing down. At least not yet.
Just look around. You see construction everywhere, especially in the Galleria area. The state's unemployment rate is a full percentage point under the national rate of 6.2%. Lone Star College economics professor Hank Lewis says while the energy industry has a lot to do with it; it's not the only factor.
“You can’t discount the energy industry. It’s big. But it’s not just oil and gas. It’s also wind and solar,” Lewis said.
And there are other businesses coming to Texas that have led to this economic boon.
“We do have a number of manufacturing companies that have come to Texas and have created a lot of jobs,” Lewis said. “Toyota is a great example of that.
However, while things are going great now, Lewis does say it would be a mistake to get overconfident about things.
“When we start to see a stronger recovery in other parts of the country that’s probably when Texas will slow down a little bit. Our business cycle here is a little counter cyclical,” Lewis explained. “That could happen in about three to five years. We won’t see a recession, but could we see a slowdown? Definitely.”