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02 Mar 2022, 02:24 GMT+10
Update compiled by HillCoPartners.com Staff
HillCo Partners closely monitors and complies information concerning the current economic climate/trends of the state. Not only do these factors create an overall picture of the state's general economic health, but also are aspects that are used to assess Texas' bond rating. The following information has been compiled in order to create a more complete snapshot of the current economic status of Texas.
Labor Market Information
The most recent labor market information for the state is from December 2021:
December 2021 Texas LMI (Texas Workforce Commission):
According to the Federal Reserve Bank of Dallas, Texas employment expanded by 3.4% in December after growing rapidly in November at 7.9%. and all sectors saw growth. Texas outperformed U.S. job growth overall in 2021 with a 5.1% over the U.S.'s 4.5% growth. These forecasts and data suggest continued economic expansion throughout the state, with the projection for strong output expansion (The Federal Reserve Bank of Dallas, Austin Chamber).
State Sales Tax Revenue
The Comptroller monitors economic data around the state monthly and publishes regular periodicals. Texas Comptroller Glenn Hegar announced at the beginning of February that state sales tax revenue totaled $3.9 billion in January, 25.3% more than in January 2021. The majority of January sales tax revenue is based on sales made in December and remitted to the agency in January. Comptroller Hegar noted that January state sales tax collections reached 'another all-time monthly high, with receipts from almost all major economic sectors rocketing above year-ago levels.' He said these tax collections were 'fueled by continued strength in both business and consumer spending, receipts from most sectors strongly surpassed pre-pandemic levels.' (Texas Comptroller).
Major rating agencies, Moody's, Fitch and Standard & Poor's (S&P), issue ratings that characterize the state's ability to repay debt. These agencies provide investors with assessments of the trustworthiness of potential investments in the state and possible risks involved. Additionally, highly rated borrowers typically pay lower interest costs. As of August 2021, Texas is top rated by all three of these agencies.
Texas' Ratings (Texas Bond Review Board)
Fitch: AAA
Moody's: Aaa
S&P: AAA
About: HillCo Partners was founded by Neal T. 'Buddy' Jones and Bill Miller. It is a full-service firm that provides consultancy services for public and government affairs. The firm opened for business in 1998, and today, it is the top-ranked Texas lobbying firm. More information about the firm can be found on their website: www.hillcopartners.com.
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