An Unrefreshing Pause
Column Published in syndication January 31, 2024A moratorium was recently issued on permits for new liquefied natural gas (LNG) facilities. Although the reasons were purportedly related to climate change, the reality is that slowing the development of this market is actually deleterious for the environment, not to mention the global economy, human sustainability, and geopolitical stability.
Troubled Waters
Column Published in syndication January 24, 2024Tensions are running high in the Red Sea. Houthi rebels based in Yemen have been targeting cargo ships, firing missiles at vessels bearing flags of a variety of nations. Their goal appears to be to widen the conflict in the Middle East while simultaneously putting pressure on Europe.
- Tags:
- Red Sea,
- trade,
- supply chain
People and Places
Column Published in syndication January 17, 2024New population estimates have been released, and once again Texas gained far more residents than any other state. The US population increased by a little more than 1.6 million people during the 12 months ending in July 2023. That's a rise of just 0.5%, but it's better than the 0.4% increase in 2022 or 2021's 0.2% gain. Migration was up, and there was a drop in deaths (though they remain well above pre-COVID levels).
- Tags:
- Texas,
- growth,
- population change
2024
Column Published in syndication January 10, 2024Looking back at 2023 (or 2022, 2021, or 1687 for that matter) confirms that there are always unanticipated events in the economy, no matter how many millions of equations or thousands of hours of research a forecast involves. Nonetheless, there are trends that can be anticipated that will be key drivers of economic growth in 2024. Let's take a brief look.
Looking Back
Column Published in syndication January 03, 2024As I've said before, one of the most striking characteristics the US economy demonstrated in 2023 was resilience. Texas set a blazing growth pace for the year, though things slowed a bit toward the end. Let's look back at the year and the key developments from an economic perspective.
- Tags:
- economy,
- United States,
- 2023,
- Texas
Around and About
Column Published in syndication December 27, 2023The seven largest metropolitan areas in Texas drive the overall pace of growth, accounting for nearly eight of every 10 net new jobs. Looking ahead over a long-term forecast horizon (through 2050), this pattern appears likely to persist. Let's take a brief tour of the highlights of our latest projections.
- Tags:
- job growth,
- metropolitan,
- Texas
COP28
Column Published in syndication December 20, 2023The recent United Nations Climate Conference in Dubai, known as COP28, ended with a historic agreement that, for the first time, mentions transitioning away from fossil fuels. More than 190 nations were represented at the event. Although the language regarding reduction in the future use of oil, natural gas, and coal is notable, it is far from a mandate.
- Tags:
- climate,
- COP28,
- fossil fuels
Texas Tomorrow
Column Published in syndication December 13, 2023The Texas economy has been on a strong growth trajectory. About 1.1 million of the 4.5 million net jobs the United States has gained since just prior to the pandemic (February 2020) have been in Texas. Looking ahead, our analysis indicates that this dynamic state economy is likely to continue to outperform the nation. Let's take a brief look at key drivers of expansion over the next few decades.
- Tags:
- long-term outlook,
- economic growth,
- Texas
Resilient
Column Published in syndication December 06, 2023The US economy has demonstrated remarkable resilience over the past several years. Despite the COVID-19 pandemic, historic inflation, supply chain snarls that have taken years to untangle, and conflicts around the globe, we've seen ongoing expansion. In fact, jobs have been added at a significant pace, and employment is now about 4.5 million higher than it was before the pandemic.
Literacy and the Workforce
Column Published in syndication November 29, 2023Literacy is defined as "the ability to understand, evaluate, use and engage with written texts to participate in society, to achieve one's goals, and to develop one's knowledge and potential" by the Program for the International Assessment of Adult Competencies (PIAAC--part of the National Center for Education Statistics (NCES)). Through my economist lens, another aspect of literacy is that it greatly enhances job opportunities for individuals and provides some near-term relief to the workforce shortage.
- Tags:
- economic growth,
- literacy,
- workforce,
- Texas