The Lone Star State has long been seen as a boon to the U.S. economy. But as of late, reports The Wall Street Journal,Texas has become a drag on the nation’s fortunes.
It wasn’t long ago that the state’s energy resources helped keep the U.S afloat. The boom was led, in large part, by the fracking revolution. But ever since the collapse in oil prices, Texas job growth has become stagnant. And Texas has become something of an albatross.
In June 2014, oil was at $100 a barrel. That number has fallen to roughly $50 today, and Texas has been the hardest hit. From 2010 until last year, the Texas economy grew at a rate of almost 4% a year. But, according to data from the U.S. Commerce Department, the state’s output barely grew in this year’s first quarter. The state isn’t in recession. But the sluggish Lone Star Economy could use a jolt . . . for the sake of the nation.
