Texas Ranks 31st on Recession Recovery Scorecard
So, which states have best braved the five-year-old Great Recession — the most severe economic contraction the United States has experienced since the Great Depression?
Texas was among the states that have been less successful in taming the recessionary conditions, ranked 31st in an analysis by 24/7 Wall Street. Even though GDP growth in 2011 was a high 3.3%, the fourth highest among the states, unemployment was down only 1.6 percentage points from its peak of 8.2%.
“Texas has added more than 570,000 jobs during the recent oil boom, according to the Dallas News. Since January 2010, the state has added more than 60,000 jobs in the mining and logging sector alone, which includes oil extraction and processing,” 24/7 Wall St. pointed out.
But the “influx of new people into the workforce has kept unemployment from falling much,” the report said.
“In some cities, unemployment is especially low. In the Midland metropolitan area, the unemployment rate was just 3.3% in October, the fifth-lowest rate of any metropolitan statistical area in the country,” it added.
The business news site said it reviewed unemployment rates in the 50 states in recent years, considering prerecession, peak and current unemployment. Based on change in unemployment from peak to current, it then identified the states that recovered the most and least from the recession.
Michigan topped the states in recovery, with unemployment gains of 5.1 percentage points from its peak of 14.2%.
New Jersey was the worst, with unemployment gain of a mere 0.2 percentage point from 9.9%.
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