The American economy continues to run smoothly, and the Texas economy is doing the same thing. And the Texas economy is also setting records.
The Texas unemployment rate in May was 3.5%, the lowest since the state started keeping track in 1976. The Houston number is at 3.2%, down from 4.1% a year ago. SMU's Mike Davis says this is not a surprise at all.
“It’s really just the consequence of the really remarkable economic growth we are seeing in Texas. That’s caused, really, by multiple reasons. We are seeing growth in all sorts of sectors in the state,” Davis explained.
Those sectors include technology. Davis says the future looks pretty bright, too.
“Except for the threat of tariffs and the threat to our export industries, as long as we can continue to export from this state, we’ll probably be fine,” Davis stated.
But, there is one concern Davis has. He told us the low unemployment rate could mean that certain sectors will experience a labor shortage.