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Economic Summary
Texas Economic Forecast 2007-08
Economic Summary
Fiscal Years 1991—2035
| Year | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross State Product (Billion FY2000 Dollars) |
$466.43 | $485.46 | $507.13 | $531.29 | $551.33 | $574.42 | $615.21 | $656.66 | $691.34 | $722.62 | $740.79 | $757.13 | $767.28 | $797.98 | $827.13 | $858.14 | $888.77 | $917.46 | $943.82 | $976.02 | $1,007.73 | $1,039.85 | $1,070.32 | $1,100.58 | $1,129.63 | $1,158.70 | $1,186.78 | $1,215.72 | $1,245.84 | $1,278.11 | $1,310.87 | $1,345.57 | $1,382.69 | $1,420.91 | $1,460.20 | $1,500.99 | $1,542.15 | $1,584.54 | $1,628.47 | $1,673.55 | $1,721.17 | $1,770.30 | $1,821.44 | $1,876.07 | $1,932.86 | |||
| Annual Percent Change Gross State Product FY2000 $ |
1.3% | 4.1% | 4.5% | 4.8% | 3.8% | 4.2% | 7.1% | 6.7% | 5.3% | 4.5% | 2.5% | 2.2% | 1.3% | 4.0% | 3.7% | 3.7% | 3.6% | 3.2% | 2.9% | 3.4% | 3.2% | 3.2% | 2.9% | 2.8% | 2.6% | 2.6% | 2.4% | 2.4% | 2.5% | 2.6% | 2.6% | 2.6% | 2.8% | 2.8% | 2.8% | 2.8% | 2.7% | 2.7% | 2.8% | 2.8% | 2.8% | 2.9% | 2.9% | 3.0% | 3.0% | |||
| Gross State Product (Billion Current Dollars) |
$392.92 | $414.61 | $442.96 | $472.76 | $499.19 | $534.64 | $586.01 | $622.83 | $657.98 | $713.05 | $754.65 | $779.65 | $813.20 | $884.69 | $966.51 | $1,049.82 | $1,116.81 | $1,182.55 | $1,244.71 | $1,312.36 | $1,381.36 | $1,453.44 | $1,524.45 | $1,597.25 | $1,671.12 | $1,747.28 | $1,823.66 | $1,903.40 | $1,986.57 | $2,076.33 | $2,170.50 | $2,270.23 | $2,376.63 | $2,488.46 | $2,605.99 | $2,730.15 | $2,858.32 | $2,991.54 | $3,131.15 | $3,277.09 | $3,431.41 | $3,592.73 | $3,760.68 | $3,940.09 | $4,129.32 | |||
| Annual Percent Change Gross State Product Current Dollars |
4.9% | 5.5% | 6.8% | 6.7% | 5.6% | 7.1% | 9.6% | 6.3% | 5.6% | 8.4% | 5.8% | 3.3% | 4.3% | 8.8% | 9.2% | 8.6% | 6.4% | 5.9% | 5.3% | 5.4% | 5.3% | 5.2% | 4.9% | 4.8% | 4.6% | 4.6% | 4.4% | 4.4% | 4.4% | 4.5% | 4.5% | 4.6% | 4.7% | 4.7% | 4.7% | 4.8% | 4.7% | 4.7% | 4.7% | 4.7% | 4.7% | 4.7% | 4.7% | 4.8% | 4.8% | |||
| Personal Income (Billion Current Dollars) |
$307.81 | $329.14 | $349.93 | $368.83 | $393.45 | $419.42 | $456.10 | $497.85 | $530.30 | $581.31 | $615.55 | $624.00 | $641.43 | $681.59 | $743.60 | $808.62 | $874.18 | $928.25 | $980.30 | $1,038.56 | $1,096.07 | $1,156.73 | $1,215.59 | $1,276.25 | $1,339.83 | $1,407.05 | $1,476.17 | $1,549.28 | $1,624.93 | $1,704.36 | $1,785.82 | $1,870.34 | $1,958.39 | $2,049.36 | $2,144.44 | $2,244.76 | $2,348.24 | $2,454.22 | $2,563.90 | $2,678.67 | $2,796.75 | $2,917.41 | $3,041.32 | $3,171.89 | $3,309.84 | |||
| Annual Percent Change Personal Income |
6.3% | 6.9% | 6.3% | 5.4% | 6.7% | 6.6% | 8.7% | 9.2% | 6.5% | 9.6% | 5.9% | 1.4% | 2.8% | 6.3% | 9.1% | 8.7% | 8.1% | 6.2% | 5.6% | 5.9% | 5.5% | 5.5% | 5.1% | 5.0% | 5.0% | 5.0% | 4.9% | 5.0% | 4.9% | 4.9% | 4.8% | 4.7% | 4.7% | 4.6% | 4.6% | 4.7% | 4.6% | 4.5% | 4.5% | 4.5% | 4.4% | 4.3% | 4.2% | 4.3% | 4.3% | |||
| Nonfarm Employment (Thousands) |
7,170.4 | 7,241.3 | 7,431.8 | 7,677.8 | 7,971.3 | 8,196.0 | 8,522.9 | 8,866.6 | 9,111.6 | 9,365.9 | 9,532.0 | 9,426.2 | 9,375.2 | 9,450.4 | 9,667.7 | 9,980.6 | 10,228.7 | 10,432.7 | 10,620.0 | 10,842.0 | 11,038.8 | 11,219.4 | 11,372.1 | 11,518.9 | 11,662.7 | 11,808.5 | 11,948.1 | 12,085.9 | 12,218.9 | 12,357.6 | 12,491.5 | 12,626.2 | 12,761.3 | 12,895.8 | 13,027.6 | 13,161.1 | 13,295.3 | 13,426.0 | 13,557.6 | 13,692.2 | 13,831.4 | 13,974.7 | 14,118.6 | 14,265.2 | 14,414.9 | |||
| Annual Percent Change Nonfarm Employment |
1.9% | 1.0% | 2.6% | 3.3% | 3.8% | 2.8% | 4.0% | 4.0% | 2.8% | 2.8% | 1.8% | -1.1% | -0.5% | 0.8% | 2.3% | 3.2% | 2.5% | 2.0% | 1.8% | 2.1% | 1.8% | 1.6% | 1.4% | 1.3% | 1.2% | 1.3% | 1.2% | 1.2% | 1.1% | 1.1% | 1.1% | 1.1% | 1.1% | 1.1% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | |||
| Resident Population (Thousands) |
17,363.1 | 17,720.7 | 18,114.3 | 18,514.3 | 18,908.8 | 19,294.7 | 19,693.3 | 20,110.1 | 20,507.8 | 20,895.2 | 21,281.0 | 21,667.9 | 22,046.7 | 22,421.9 | 22,827.6 | 23,432.2 | 23,775.2 | 24,158.2 | 24,536.1 | 24,905.5 | 25,263.8 | 25,617.4 | 25,962.2 | 26,303.4 | 26,644.7 | 26,985.3 | 27,323.4 | 27,655.6 | 27,977.6 | 28,285.1 | 28,578.8 | 28,862.5 | 29,136.7 | 29,402.2 | 29,660.9 | 29,913.7 | 30,160.9 | 30,401.3 | 30,635.6 | 30,865.5 | 31,090.4 | 31,309.0 | 31,522.8 | 31,736.6 | 31,955.4 | |||
| Annual Percent Change Resident Population |
1.9% | 2.1% | 2.2% | 2.2% | 2.1% | 2.0% | 2.1% | 2.1% | 2.0% | 1.9% | 1.8% | 1.8% | 1.7% | 1.7% | 1.8% | 2.6% | 1.5% | 1.6% | 1.6% | 1.5% | 1.4% | 1.4% | 1.3% | 1.3% | 1.3% | 1.3% | 1.3% | 1.2% | 1.2% | 1.1% | 1.0% | 1.0% | 0.9% | 0.9% | 0.9% | 0.9% | 0.8% | 0.8% | 0.8% | 0.8% | 0.7% | 0.7% | 0.7% | 0.7% | 0.7% | |||
| Unemployment Rate (%) | 6.8% | 7.6% | 7.3% | 6.7% | 6.2% | 5.9% | 5.5% | 4.9% | 4.7% | 4.4% | 4.4% | 6.1% | 6.7% | 6.2% | 5.4% | 5.1% | 4.4% | 4.7% | 4.9% | 4.9% | 4.9% | 4.8% | 4.9% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 4.9% | 4.9% | |||
| Taxable Oil Price (Dollars per Barrel) |
$21.48 | $18.61 | $17.30 | $14.73 | $16.30 | $18.76 | $20.01 | $13.90 | $12.91 | $25.16 | $27.73 | $21.91 | $28.59 | $32.48 | $46.89 | $61.17 | $58.92 | $57.21 | $57.63 | $59.74 | $61.71 | $60.30 | $58.60 | $56.97 | $56.31 | $56.03 | $56.51 | $57.26 | $58.33 | $59.38 | $60.19 | $60.96 | $61.72 | $62.49 | $63.29 | $63.78 | $64.21 | $64.65 | $65.09 | $65.52 | $66.01 | $66.57 | $67.21 | $67.88 | $68.55 | |||
| Taxable Natural Gas Price (Dollars per Mcf) |
$1.39 | $1.45 | $1.77 | $1.68 | $1.36 | $1.76 | $2.10 | $1.92 | $1.59 | $2.45 | $4.54 | $2.37 | $4.01 | $4.47 | $5.42 | $6.96 | $5.86 | $5.97 | $6.12 | $6.16 | $6.21 | $6.23 | $6.22 | $6.23 | $6.42 | $6.65 | $6.94 | $7.04 | $7.22 | $7.47 | $7.64 | $7.79 | $7.95 | $8.12 | $8.29 | $8.43 | $8.56 | $8.68 | $8.82 | $8.99 | $8.77 | $8.85 | $9.00 | $9.15 | $9.31 | |||
| U. S. ECONOMY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Gross U.S. Product (Billion FY2000 Dollars) |
$7,081.23 | $7,262.43 | $7,485.98 | $7,756.93 | $7,991.60 | $8,239.25 | $8,611.55 | $8,967.20 | $9,361.85 | $9,762.80 | $9,885.08 | $10,002.40 | $10,208.30 | $10,593.38 | $10,925.80 | $11,247.33 | $11,481.20 | $11,712.98 | $12,033.92 | $12,379.21 | $12,716.35 | $13,058.82 | $13,366.72 | $13,686.76 | $14,014.65 | $14,355.15 | $14,693.46 | $15,062.33 | $15,441.27 | $15,824.68 | $16,198.04 | $16,582.97 | $16,978.40 | $17,387.43 | $17,819.67 | $18,261.92 | $18,702.95 | $19,150.74 | $19,613.95 | $20,103.03 | $20,601.81 | $21,108.24 | $21,620.80 | $22,160.47 | $22,716.20 | |||
| Annual Percent Change Gross U.S. Product |
-0.6% | 2.6% | 3.1% | 3.6% | 3.0% | 3.1% | 4.5% | 4.1% | 4.4% | 4.3% | 1.3% | 1.2% | 2.1% | 3.8% | 3.1% | 2.9% | 2.1% | 2.0% | 2.7% | 2.9% | 2.7% | 2.7% | 2.4% | 2.4% | 2.4% | 2.4% | 2.4% | 2.5% | 2.5% | 2.5% | 2.4% | 2.4% | 2.4% | 2.4% | 2.5% | 2.5% | 2.4% | 2.4% | 2.4% | 2.5% | 2.5% | 2.5% | 2.4% | 2.5% | 2.5% | |||
| Consumer Price Index (1982-84=100) |
135.2 | 139.2 | 143.5 | 147.3 | 151.4 | 155.6 | 159.8 | 162.4 | 165.5 | 170.7 | 176.2 | 178.9 | 183.1 | 187.4 | 193.5 | 200.6 | 205.3 | 210.0 | 213.5 | 217.6 | 221.6 | 225.5 | 229.5 | 233.8 | 238.4 | 243.0 | 247.8 | 252.5 | 257.2 | 262.1 | 267.2 | 272.3 | 277.5 | 282.8 | 288.2 | 293.9 | 299.6 | 305.4 | 311.3 | 317.3 | 323.5 | 329.7 | 336.1 | 342.5 | 349.1 | |||
| Annual Percent Change Consumer Price Index |
5.0% | 3.0% | 3.1% | 2.6% | 2.8% | 2.8% | 2.7% | 1.6% | 1.9% | 3.2% | 3.2% | 1.5% | 2.4% | 2.3% | 3.3% | 3.7% | 2.3% | 2.3% | 1.6% | 1.9% | 1.8% | 1.8% | 1.8% | 1.9% | 2.0% | 2.0% | 1.9% | 1.9% | 1.9% | 1.9% | 1.9% | 1.9% | 1.9% | 1.9% | 1.9% | 2.0% | 1.9% | 1.9% | 1.9% | 1.9% | 1.9% | 1.9% | 1.9% | 1.9% | 1.9% | |||
| Prime Interest Rate (%) |
9.1% | 6.7% | 6.0% | 6.6% | 8.7% | 8.4% | 8.4% | 8.5% | 7.9% | 9.0% | 8.0% | 4.9% | 4.2% | 4.1% | 5.7% | 7.6% | 8.2% | 7.3% | 7.4% | 7.8% | 7.8% | 7.8% | 7.7% | 7.7% | 7.7% | 7.7% | 7.7% | 7.8% | 7.8% | 7.8% | 7.8% | 7.8% | 7.8% | 7.8% | 7.8% | 7.8% | 7.8% | 7.8% | 7.7% | 7.7% | 7.7% | 7.7% | 7.7% | 7.7% | 7.7% | |||
Source: Susan Combs, Texas Comptroller of Public Accounts and IHS Global Insight, Inc.