Texas economy 12th-strongest nationally
WASHINGTON – The Texas economy ranked 12th nationally on WalletHub's list of the best and worst state economies in 2019.
The Lone Star State was seventh in economic health, tenth in economic activity, and 20th in innovation potential.
According to Real Estate Center Research Economist Dr. Ali Anari, Texas' economy benefited from higher oil prices, higher growth rate of the U.S. economy, and lower interest rates.
He also highlighted how the state's affordable land and business-friendly government helped push people into the state, generating more demand for homes, jobs, and other goods and services.
"The processes of getting a building permit and construction of homes in Texas are much quicker than in other states," said Dr. Anari. "There are fewer regulations, a friendlier government, and a better business attitude compared with other states. Housing supply flexibility plus strict lending rules helped to shield the state from the housing market crash in the Great Recession."
Dr. Anari lists lower oil prices, slower national economic growth, and interest rate increases as potential obstacles for the Texas economy for the rest of 2019.
Washington, Utah, and Massachusetts took the top three spots on WalletHub's rankings.
Read Dr. Anari's latest Monthly Review of the Texas Economy report for more of his insights.
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