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Texas Economic Snapshot

Wed, 07/07/2021 - 4:00am

(Editor’s Note: The following information can be found at https://gov.texas.gov/business/page/texas-economic-snapshot and offers a glimpse into the recovery of the Texas economy.)

The Texas economy continues to recover from the impacts of the global pandemic and remains one of the strongest and most diverse economies in the nation. Below is a snapshot of the state’s economic status:

Texas unemployment rate was 6.5% for May 2021. (Texas Workforce Commission)

Texas gained 34,400 nonfarm jobs in May 2021. (Texas Workforce Commission)

Initial unemployment claims through the week ending June 12, 2021, continues to be lower than the highest spike in April 2020. (Texas Workforce Commission)

Texas factory activity expanded in May 2021, for the twelfth month in a row. (Federal Reserve Bank of Dallas)

Service sector activity continued to increase in May 2021. (Federal Reserve Bank of Dallas)

Retail sales activity fell in May 2021, but still remains higher than the lowest point during the pandemic. (Federal Reserve Bank of Dallas)

In May 2021, there were more than 40 new project locations announced in Texas by various news sources. The projects are expected to create $103.3 million in capital investment and 915 new jobs. (EDT Research)

In April 2021, Texas exports totaled approximately $29.73 billion, up from $15.8 billion in May 2020. (USA Trade)

The Texas workforce was 14 million in April 2021, up from 13 million in May 2020. (U.S. Bureau of Labor Statistics)

Hotel performance statewide for the week of March 14 to 20, 2021, was $234 million, which was the highest since the start of the pandemic and nearly equal to the same week in 2019. (STR, Texas Comptroller’s Office)

With the travel climate improving, scheduled flights are increasing and are trending back to pre-pandemic levels. There are an average of 5,081 daily departures each way scheduled for June 2021. (Airline Data Inc.)

American travelers’ excitement for leisure travel and openness to inspiration has been trending up since January 2021 and set new pandemic records in mid- March 2021. (Destination Analysis)