San Antonio Business Journal | Sergio Chapa
According to the Dallas Fed, the recent U.S. federal tax overhaul will allow Texas job growth to potentially grow by 3 percent and also contribute to a continued recovery in the oil and gas industry.
Overall, a steady recovery in the oil and gas industry and the manufacturing sector allowed the Texas economy to grow by 2.5 percent in 2017. The forecast of 3 percent job growth means Texas should add about 366,000 new jobs in 2018. The state’s unemployment rate fell to 3.8 percent in November. Dallas Fed economists forecast that West Texas Intermediate crude oil will close 2018 at $59 per barrel — below the $62.96 per barrel reported on Tuesday afternoon. “Our crude oil forecast is a little below what prices are at now but still above break even prices for the Permian Basin and some of the Eagle Ford,” Phillips said.
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