Since July the price of oil has dropped 50% and that is having a negative impact on the Texas Economy. Texans are far likelier than most Americans to work in extraction of oil and gas, mining support activities, pipeline transportation, and petroleum refining.
So job growth in the state is stalling. Texas is now 4th in the nation for creation of jobs – that’s according to the latest numbers from the U.S. Bureau of Labor Statistics. California is number one.
Nevertheless, Texas remains a hot economy and people are moving here in droves. It’s expected that the population of Texas will double by 2050. That’s a state with 54 million people – according to Lloyd Potter, the Texas State Demographer and University of Texas at San Antonio professor of Demography and Organizational Studies. Potter has released new findings about how migration is shaping the size and composition of the Texas Population.