Tracking the Texas Economy

August 31, 2011

The Texas oil and natural gas drilling rig count for August 2011 (882) was 24 percent higher than the August 2010 count, and the highest since a rig count of 899 in November 2008. This count represents the number of operating oil and natural gas rigs, on wells not yet plugged or producing. Strong growth in the oil and natural gas sector has also helped spur 16 consecutive months of growth in Texas’ overall sales tax revenue. Natural gas and oil production tax collections combined are 44 percent higher for the first 11 months of fiscal 2011 compared with the same period in 2010.

The Texas region’s July 2011 Consumer Confidence Index increased 7.9 percent from June 2011, and was up 23.5 percent from its level one year ago. Texas Ahead also features the Texas 100 Stock Index, historical production and consumption data and other facts and statistics that shape the Texas economy.

Key Texas Economic Indicators…
Texas total nonfarm employment increased by 29,300 jobs from June to July. Between July 2010 and July 2011, Texas gained 269,500 jobs.

Over the past year, Texas added jobs in most sectors, including Trade, Transportation, and Utilities, professional and business services, educational and health services, leisure and hospitality, manufacturing and mining and logging.

The dynamic Texas economy is ever-changing as it responds to new challenges and opportunities. Snapshots of the state’s key economic indicators are published in every issue of the Comptroller’s Fiscal Notesnewsletter, which also offers an in-depth look at topics and issues affecting the Texas economy.

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