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Monday, January 16, 2017
Texas projected to add 242,000 jobs in 2017
Texas’ economy is projected to add nearly 50,000 more jobs in 2017 than employers in the state did last year, according to a top economist with the Federal Reserve Bank of Dallas.
The boost would be mainly due to a rebound in the energy market as oil and gas companies put more of their struggles behind them. Jobs picked up in the back half of last year as oil prices turned north, Dallas Fed Senior Economist Keith Phillips said at an event in San Antonio Tuesday announcing his projections. Production cuts abroad and the prospect of lighter oversight of the industry has led to an uptick in new openings already.
“With that positive momentum, the Texas economy enters 2017 poised to shift into ‘second gear,’” Phillips said.
Texas could add 242,000 new jobs in 2017, which would be an increase from 193,000 the Dallas Fed estimates were added last year.
The rebound in Texas, buoyed by growth in Dallas through Austin and among service-sector jobs, put the state back above other energy-producing states, according to Dallas Fed data.
“The service sector and the I-35 corridor have not been impacted much by the energy downturn,” Phillips said.
Jon Prior covers finance for the Dallas Business Journal.