Texas among first states to exit recession - KCBD NewsChannel 11 Lubbock

6/7/09

Texas among first states to exit recession

By Katie Bauer  - bio | email

LUBBOCK, TX (KCBD) - MSNBC and Moody'seconomy.com both came up with a date that every state in the US will come out of this recession.  Good news for us, it looks like Texas will be among the first.

Small business struggles, layoffs, and a rising unemployment rate has taken its toll on our country.

"Job growth did slow down in Texas beginning in January and February of this year. I think if you look at retail sales the state of Texas has held it's own," said Sr. Vice President of Lubbock National Bank James Arnold.  But now, relief for Texas and the South Plains in the form of this map.

"I think its a good tool for local businesses to look at and it gives a lot of folks some comfort that lucky me, I live in Lubbock," said Arnold.

Of the fifty states in this country, Moody'seconomy.com and MSNBC expect Texas to be one of the first at the finish line. "It shows us that we're holding our own and we're a good market to be in right now for small business and business in general," said Arnold.

Arnold says Texas has really been lucky compared to other parts of the country.

But not nearly as lucky as Alaska, which is the only state that hasn't entered the recession. "Alaska was one that was spared and that's largely due to energy and the state government those are the two industries in Alaska," said Arnold.

Texas isn't too far behind though, in fact it is only one of five to exit the recession early. Something Arnold attributes to the diversity this state offers, its population.

"We are a diverse state, we take advantage of energy booms, rise in energy prices so that helps the state of Texas in a lot of ways. we're a large state so we have a lot of diverse areas that can kind of help that can kind of diversify our risks in unemployment levels," said Arnold.

So the big question is when are things expected to get better? The map suggests the end of this year and Arnold agrees.

"We continue to see small increases in jobs in Lubbock, but the bottom line is Lubbock's fully employed," said Arnold.

To check out the recession map: clickhere

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