HillCo Partners monitors and compiles information on economic trends and climate in Texas State. The financial health and trends are the factors that create an overall picture of Texas economic health. The two aspects help to assess the state’s bond rating. The information below shows a more in-depth snapshot of Texas’s current financial status.
Labor market information
Latest labor market information from Texas Workforce Commission in December 2021 shows the figures below:
- Annual Growth Rate: 5.6%
- Total Non-Farm Employment: 13,059,600
- Unemployment Rate: 5.0%
- Jobs Change Over the Year: 694,400
The data in the information has something appealing even to Texas lobbyists.
The Federal Reserve Bank of Dallas said that employment in Texas increased by 3.4% in December. The growth was higher in November because it was 7.9%. The increase spread in all sectors.
Texas’s 2021 overall job growth was higher than the entire U.S. for the same period. Growth in Texas was 5.1% higher than 4.5% growth in the U.S. According to the Federal Reserve Bank of Dallas, this data and forecasts suggest a trend of continued growth throughout Texas with a projection for robust output expansion.
State Sales Tax Revenue
A comptroller monitors economic data around Texas each month and publishes the results on regular periodicals. Texas lobbyists will also find sales tax revenue interesting. Texas Comptroller in February 2022 announced that sales tax revenue reached $3.9 billion in January. It was a higher amount than January 2021 revenue by 25.3%. Most of the sales revenue in January is based on December sales and remittance to the tax agency in January.
Texas Comptroller Hegar noted that sales tax collection in January reached a monthly high. Receipts from almost all economic sectors surpassed 2021 levels. Hegar said that consistent growth in business and consumer spending is fueling the increase in tax collections. Receipts from many sectors exceeded pre-COVID pandemic levels.
Texas Bond Rating
Moody’s, Fitch, and S&P frequently issue ratings that show if the state can pay debts.
All the agencies provide trust assessments on potential investments in Texas and possible risks. Highly rated borrowers pay lower interest costs. All the three agencies above rated Texas highly in August 2021, just like HillCo Partners in 2022.