On Monday July 25th, Comptroller Glenn Hegar updated the Legislative Budget Board on Texas’ current financial and economic conditions.
While the downturn in the oil and gas industry is having a measurable effect on Texas’ economy, there are still bright spots throughout our economy. Unlike neighboring energy-dependent states, Texas diversified economy has weathered the downturn.
Unemployment rates have risen slightly since late spring, yet Texas’ unemployment rate is still lower than the nation as a whole. The housing market continues to climb in new homes built, sales price, and existing home sales compared to similar data collected last year.
However, due to low oil prices the legislature may face some tough decisions next legislative session, which begins in January. Texas is a growing state, creating increased need for healthcare, schools, roads, and other essential government services.
“It’s going to be a tough budget this time around. But there are many items that need our attention. The top of the list from my perspective is rectifying the shortcomings in our foster care system and improving our CPS caseworker turnover rate.” Said Senator Carlos Uresti.
The Legislative Budget Board consists of Lieutenant Gov. Dan Patrick, Speaker Joe Straus, Senators Uresti, Huffman, Nelson, and Taylor along with Representatives Bonnen, Darby, Otto, and Zerwas.