Texas Economy in Focus
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Economic Progress Report

(Change from previous year)
Texas Unemployment ↓ Decreasing
Texas Nonfarm Employment ↑ Increasing
Texas Consumer Price Index ↑ Increasing
Sales Tax Collections, Retail Establishments ↑ Increasing
U.S. Consumer Confidence ↑ Increasing
Gasoline and Diesel Retail Prices ↑ Increasing

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Comptroller’s Economic Outlook

Comptroller Susan Combs

Updated June 14, 2013

Job growth, sales tax collections and building permits all signal that the Texas economy continues to outpace the national economy.

Texas total nonfarm employment increased by 33,100 jobs during April 2013. Between April 2012 and April 2013, Texas total nonfarm employment increased by 3.0 percent.

Over the past year, Texas added jobs in all of the 11 major industries, including professional and business services, trade, transportation and utilities, leisure and hospitality, construction, education and health services, government, mining and logging, financial activities, other services, manufacturing, and information.

Texas employment fell by more than 422,000 during the recession, reaching its low point in December 2009, but returned to its pre-recession peak in November 2011. By February 2013, the state had added an additional 454,000 jobs. In the U.S. as a whole, only 67 percent of recession-hit jobs were recovered by March 2013.

Texas and the nation returned to economic growth in 2010 and 2011, respectively.  In calendar 2012, Texas real gross domestic product grew by 3.2 percent, compared with 2.2 percent for the U.S.

Jobs

  • The U.S. added 175,000 nonfarm jobs in May 2013. The U.S. unemployment rate was 7.6 percent for May 2013. Between May 2012 and May 2013, U.S. total nonfarm employment increased 1.6 percent.
  • Texas total nonfarm employment increased by 33,100 jobs during April 2013. Between April 2012 and April 2013, Texas total nonfarm employment increased by 3.0 percent.
  • The Texas unemployment rate was 6.4 percent for April 2013.
  • The Texas unemployment rate has been at or below the national rate for 76 consecutive months.

Housing

  • A total of 8,548 building permits for single-family homes were issued in April 2013. In the 12 months ending in April 2013, a total of 80,509 permits were issued, 23 percent more than in the previous year.
  • There were 4,620 multi-family building permits issued in April 2013. During the 12 months ending in April 2013, a total of 56,468 permits were issued, 46 percent more than in the previous year.
  • In April 2013, there were 24,993 sales of existing single-family homes, an increase of 12.6 percent over the previous month, and 25.6 percent more than in April 2012.
  • The median sale price for an existing single-family home was $172,400 in April 2013, 10.7 percent higher than a year ago.

Consumer Confidence Index

  • The U.S. consumer confidence index was 76.2 in May 2013, up 10.4 percent from April 2013, and 18.3 percent higher than one year ago.
  • The Texas region’s consumer confidence index was 102.0 in May 2013, down 4.0 percent from April 2013, and 12.8 percent higher than one year ago.

Oil and Natural Gas

  • Oil and natural gas production tax collections for the first nine months of fiscal 2013 were 15.2 percent higher than during the same period in 2012.
  • After reaching a record high closing price of $145.29 per barrel in July 2008 then falling to a low of $33.98 during February 2009, crude oil futures reached a settle price of $96.69 on June 13, 2013.
  • After reaching a record high closing price of $13.58 per MMBtu in July 2008 then falling to a low of $2.51 during September 2009, natural gas futures reached a settle price of $3.81 on June 13, 2013.

Taxes

  • Texas state sales tax receipts for May 2013 were 7.9 percent higher than for May 2012.
  • Fiscal 2012 state sales tax receipts were 12.6 percent higher than for fiscal 2011, following a 9.4 percent increase in fiscal 2011.
  • Sales tax collections have increased for 38 consecutive months (year-over-year), boosted by strong business spending in the oil/natural gas and manufacturing sectors, and to a lesser extent by retail sales activity.
  • Texas motor vehicle sales and rental tax collections for April 2013 were up 8.2 percent from April 2012.
  • The nationwide average core transaction price for a new car or truck during the first 15 days of May 2013 rose 2.2 percent to $32,426 from the first 15 days of May 2012.
  • For the first 15 days of May 2013, total national new auto sales were 789,247 units, up 5.9 percent compared to first 15 days of May 2012.
  • Nationally, leases accounted for 26.9 percent of all new vehicle sales for the first 15 days of May 2013, increasing from 26.6 percent for the first 15 days of May 2012.

Stimulus Package

  • In Texas, an estimated $18 billion in federal stimulus money is flowing to state and local governments. The Comptroller’s office is tracking the $14.3 billion that comes through the state Treasury. The Comptroller’s analysis is ongoing. For the latest information, visit our ARRA Web site, A Texas Eye on the Dollars.