Texas Economy Could Add 360,000 Jobs

Texas can expect robust growth this year. The state's economy is expected to add hundreds of thousands of new jobs ... as the energy and manufacturing sectors rebound amid higher oil prices.

The sunny forecast comes from the Federal Reserve Bank of Dallas.

That translates to about 360,000 new jobs statewide, continuing a rebound that began in 2016.

The Houston metropolitan area is projected to add about 75,000 jobs this year -- if oil prices stay above $60 a barrel. It’s the latest proof that, when it comes to the Texas economy, the oil and gas industry is king.

The Houston Chronicle notes that the U.S. Energy Department has  predicted that domestic oil production – which is centered in West Texas – will top 10 million barrels a day for the first time.

The state's economy is expected to grow 3 percent this year, up from 2.5 percent in 2017, according to the Dallas Fed.

Texas unemployment fell to a record-low of 3.8 percent in November. IN Houston, it was 4.3 percent, down from 5.2 percent the year before.

The Energy Department on Tuesday projected that U.S. gasoline demand will average a record 9.3 million barrels a day in 2018, up about 30,000 barrels a day from 2017. Analysts, meanwhile, expect the Energy Department to report further declines in crude stockpiles on Wednesday.

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