In spite of a slow recovery from the national recession…Houston, Austin and San Antonio have already recouped all the jobs lost and Dallas-Fort Worth has regained nearly 70% of it’s lost jobs. This job growth has been spurred principally by the resurgent oil and gas industry. Texas’ heavy concentration of companies in the the oil and gas industry has allowed Texas to outperform the nation in terms of net new job formations. This is more evident in an analysis conducted by Economic Modeling Specialists, Inc. (EMSI), an Idaho based economics firm, which compares each states Total Job Growth to the Expected Job Growth. In the Article, “Which States are Growing More Competitive?” EMSI compares each state’s competitive advantage.
The competitive effect is calculated by the difference between the Total Jobs, 2011 and Expected Jobs, 2011. This number indicates the overall competitiveness of the state’s economy versus the national economy. If the competitive effect is positive, the state is gaining a greater share of the total jobs being created than the national trends would have suggested. In terms of percentage, Texas ranked second with our 2011 jobs being 6% greater than expectations based on the national economy. However, the 880,586 competitive jobs is by far the largest competitive effect in the nation when compared to the next largest state. Texas’ competitive effect is more than 6 times greater than New York’s 142,843 competitive jobs and nearly 10 times greater than Louisiana’s 96,439 competitive jobs. It is important to note that Texas is not the only state benefiting from the oil and gas industry, as many of that states with a positive competitive advantage have strong and expanding energy industries.
As the economy improves in the near term, the states with higher competitive advantages will likely be the first out of the recession and will continue to attract jobs. This will have a positive impact on the housing market withing these states leading consumers to develop more confidence in these local economy’s as they continue to attract more people in search of jobs.
see the full article by Metrostudy by going here.