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Perryman Sees “Pause” Ahead for TX, Then Fast Recovery
For Texas as for the U.S., the Waco-based Perryman Group’s latest economic forecast calls for significant losses this year due to the COVID-19 pandemic, but a fairly rapid recovery once the worst virus issues have passed.
“The current situation emanates from a horrific pandemic, but the economic structure was basically sound as we entered this situation,” the Perryman Group reports. “Assuming the underlying structure remains essentially in place, the downturn, while sharp and painful, will likely be more of a pause than a fundamental change.”
For Texas, the negative effects of COVID-19 have been compounded by turmoil in energy markets. The Perryman Group’s forecast for Texas indicates losses this year of a projected 861,000 jobs (a 6.48% decrease) and $133.8 billion in output (down 7.6%). For 2021, the state is forecast to add almost 685,000 jobs for a 5.51% gain, with an increase in output of $154.4 billion (9.5% growth).
For comments, questions or concerns, please contact Paul Bubny
- ◦Economy
