Home Economy Perryman: Long-term outlook for state’s economy | Opinion

Perryman: Long-term outlook for state’s economy | Opinion

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The COVID-19 pandemic led to significant economic disruption, but the Texas economy continues to recover.

Recently released October data indicate the seasonally adjusted Texas unemployment rate continues to fall and stands at 5.4%. Texas added 56,600 jobs for the month and has almost recovered to pre-pandemic levels. While issues such as supply-chain challenges and inflation will likely linger over the coming months, the long-term outlook for the state remains favorable.

One reason that Texas will do well is the energy sector, which is a major source of jobs and investment not only in producing areas, but across the state. Even though drilling activity has been sluggish in responding to recent price levels, oil and gas will remain crucial to future energy dynamics for decades to come. Over the long term, the industry will…

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