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U.S. Recovery Is Lead by Texas

November 15, 2010 Leave a comment Go to comments

Texas sits atop the list as one of the leaders in the slow recovery process this country is facing.

Fueled in part by rising but stable oil prices, Texas continues to lead the country’s recovery, albeit at a relatively slow pace, according to a fourth-quarter regional economic forecast.

A report issued Monday by economists with BBVA Compass bank said that besides rising energy demand, Texas’ relatively stable housing market, continued private job creation, limited fiscal challenges and strong exports – notably petroleum and coal products – will sustain the state’s recovery into 2011.

“Although most states have experienced a growth deceleration in the second half of 2010, Texas’ growth has accelerated and remains solidly positive,” the report said.

The report predicts that Texas’ gross domestic product will grow by 3 percent this year and 2.8 percent in 2011, with both rates above the projected U.S. average of 2.7 percent in 2010 and 2.3 percent next year.

Through the first nine months of the year, Texas created 182,200 private sector jobs – approximately 16 percent of the U.S. total and the highest state total in the country

Read more: Texas leads U.S. recovery, report says | Houston Business Journal

NEWSWEEK has compiled a list of the 10 American cities best situated for the recovery.

These are places where the jobs are plentiful, and the pay, given the lower cost of living, buys more than in bigger cities. In other words, places unlike much of the rest of the country. The cities, most of which lie in the red-state territory of America’s heartland, fall into three basic groups. There’s the Texaplex—Austin, Dallas, San Antonio, and Houston—which has become the No. 1 destination for job-seeking Americans, thanks to a hearty energy sector and a strong spirit of entrepreneurism. There are the New Silicon Valleys—Raleigh-Durham, N.C.; Salt Lake City; and urban northern Virginia—which offer high-paying high-tech jobs and housing prices well below those in coastal California. And then there are the Heartland Honeys—Oklahoma City, Indianapolis, and Des Moines, Iowa—which are enjoying a revival thanks to rising agricultural prices and a shift toward high-end industrial jobs.

Read more from Newsweek: Greetings From Recoveryland

Categories: News
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