from the Dallas Fed
After expanding strongly in 2014, the Texas economy faces significant economic challenges in 2015. They include a sharp decline in the oil and gas industry, tight labor markets and weakening exports. Texas job growth is projected to slow to between 1 and 2 percent for the year.
State employment grew 3.4 percent last year, according to Federal Reserve Bank of Dallas data. That is well above the previous year’s 2.7 percent and more than a full percentage point above the national average of 2.3 percent. Growth in 2014 was broad based, with jobs in most industries picking up significantly over 2013. Employment in oil and gas, professional and business services, construction, and leisure and hospitality led overall growth.