Comptroller: Consumers will lead Texas out of recession
KINGSVILLE, Texas - Texas Comptroller Glenn Hegar says it will be Texas consumers that lead the state out of recession.
Hegar spoke about the state of the Texas economy while giving the keynote address at Texas A&M University-Kingsville\u2019s virtual 2020 Economic Forum.\xa0
He pointed out that while other states have just one economic headwind to contend with, the effects of the coronavirus pandemic, Texas has two, the pandemic and a contraction in the oil and gas industry, which had started before COVID-19 hit.
\u201cMany other states don\u2019t have the double headwinds that Texas has faced with the contraction in oil and gas as well,\u201d Hegar said.
\u201cWe think Texas will have a slower time getting back to pre-pandemic levels for GDP growth as well as employment numbers - because we have two headwinds, where other states are predominately facing one headwind instead. However, we do think that here in the next eight months or more, Texas will once again start outpacing the national average.\u201d
Hegar said Texas\u2019 negative balance has improved quite a bit.\xa0
"While our revenues are negative compared to the same month a year ago, for the last eight months on average, they are not as negative as we anticipated.\u201d
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