The energy sector remains a key driver of the Texas economy. It dominates state exports; drilling, production, transportation, and processing activity involve substantial investments; and the massive supply chain has been entrenched and expanding for over a century. Although the Texas economy is diverse and multifaceted, oil and gas and related activity from exploration through shipping comprise about 13-14% of overall business activity.
June saw a strong acceleration in the pace of recovery in the job market. Total nonfarm payroll employment in the US rose by 850,000 according to the US Bureau of Labor Statistics, and more than 1.7 million jobs have been gained in the last three months. Since the worst of the decline in April 2020, US employment has risen by 15.6 million. Nonetheless, it remains 6.8 million (4.4%) below the peak in February 2020.
The Texas Education Agency (TEA) recently released results of the State of Texas Assessments of Academic Readiness (STAAR) for spring 2021. (See https://tea.texas.gov/sites/default/files/2021-staar-analysis-presentation.pdf for a summary.) The tests cover mathematics and reading for grades 3–8 as well as writing and science for some grades, 8th grade social studies, and high school end-of-course exams in Algebra I, English I, English II, Biology, and US History. The results indicate abysmal outcomes pretty much across the board when compared to 2019, as districts struggled to deal with disruptions caused by the COVID-19 pandemic.
Dr. Perryman explains how Texas has created a positive environment for business, as well as some considerations as the state hopes to maintain this position.
Dr. Perryman discusses recent STAAR results and why it is important to address the negative trend.
A year ago, the economy had begun to stabilize after two months of cataclysmic decline due to COVID-19 and the massive response. Almost overnight, millions of jobs disappeared, and an economy in the midst of a record-shattering expansion suddenly went into freefall.
Dr. Perryman explains what is included in the proposition and what its impact will be.
Dr. Perryman explains the award and why Texas was selected as the winner for the year.
Dr. Perryman explains why this idea would not be an effective strategy, and provides an alternative solution.
Dr. Perryman discusses the industries allowing Texas to add numerous jobs in the past month.