Can I Get an Amen?

Economist Dr. Mark Perry highlighted some astounding information in a recent post on the American Enterprise Institute Carpe Diem blog this week.

According to Dr. Perry, "Texas civilian employment has increased by 12% and by more than 1.32 million jobs” since the beginning of the recession in 2007.” This stands in stark contrast to the stagnation seen elsewhere in the United States as "civilian employment in the other 49 states without Texas is still 0.73% and almost one million jobs below the December 2007 level."

What is behind this jobs bonanza in Texas? Well, there are a lot of factors, such as our “employer-friendly combination of low taxes, fair courts, smart regulations and world-class workforce,” that have attracted new and existing companies from around the globe. 

However, according to Dr. Perry, “much of the economic success of Texas in recent years that has fueled job creation in the state is a direct result of the shale oil and gas boom.” These energy jobs, including more than 107,000 related to the Barnett Shale here in North Texas, are a result of the shale revolution that is allowing America to write our own energy future. 

The “bottom line” is that the “country, the president, and all of us individually owe a huge debt of gratitude to the state of Texas and to the oil and gas industry for helping support the US economy during and after the Great Recession.” If the “energy-driven economic stimulus from the fracking revolution, and without the gusher of jobs in the state of Texas” had not come about in recent years, “there’s no question that the Great Recession would have been much worse and lasted much longer, and the jobs picture today would be much bleaker.”

The United States “has finally gained back all of the jobs lost during the Great Recession… thanks largely to the Lone Star State.” To that, Dr. Perry says “God Bless Texas” and we say “Amen!"


For more information, read Dr. Mark Perry's post on the American Enterprise Blog here:

http://www.aei-ideas.org/2014/10/an-amazing-chart-of-an-amazing-job-creating-state-we-all-owe-a-debt-of-gratitude-to-saudi-texas-and-the-shale-boom/

 

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