HillCo Partners is an Austin-based public relations agency. Public policy advice, advocacy, regulation, and communications updates are among their services. Bill Miller and Neal T. ‘Buddy’ Jones launched it in 1998. Its founders are both well-known political figures in Texas. They’ve both been honored in the ‘Lobbyist Hall of Fame.’
Bill Miller is the firm’s public face, while Neal T Buddy Jones is the chief lobbyist. He has numerous hats, including lobbyist, advisor, sage, and fixer.
The HillCo Partners team is known for its intelligent client communications. This features Texas economic updates and trends. The data below was compiled to offer a comprehensive overview of Texas’ economy. Labor market data, state sales tax income, and Texas bond ratings from major rating agencies are some of the crucial indicators discussed here.
Information on the Workforce
Throughout, the Texas labor market has shown encouraging tendencies. It is consistently growing, which is a good indicator. In February 2022, unemployment was 4.7 percent, down from 6.6 percent in February 2021. Compared to February 2021, the number of jobless Texas people has decreased by 254,342. Five hundred nineteen thousand three hundred forty-two new workers have joined the workforce since February 2021. As a result of these beneficial consequences, the jobless rate in the United States fell from 6.2 percent in February 2021 to 3.8 percent in February 2022.
According to data provided by the Federal Bank Reserve of Dallas, Texas’ economy has continued to develop steadily. This indicates that the Texan economy has recovered successfully from the outbreak and that things are gradually returning to normal. The Russia-Ukraine situation has pushed up oil prices, although they have leveled out recently. Workers’ earnings have risen in tandem with the increase in employment. The most significant pay gains were reported in Dallas, at 9.9%. Payrolls increased by 4.6 percent in El Paso. Texas is also outperforming the rest of the country regarding employment growth. In 2021, the total growth rate in the United States was 4.5 percent, while it was 5.1 percent in Texas.
Bond Rating in Texas
The ability of the State of Texas to repay its obligations is reflected in its bond ratings. Investors can use these ratings to determine the trustworthiness and risk of future investments. The lower the interest rate, the better the credit rating.
Revenue from State Sales Tax
Glenn Hegar, the Texas State Comptroller, also had some good news to report. Texas received $3.23 billion in sales tax in February 2022. In comparison to February 2021, this is a 28.6 percent increase. The bulk of these sales took place in January, and the State was paid in February. State sales tax revenues continued to rise in February, reaching an all-time high, according to Hegar, with receipts from all main economic sectors above year-ago levels.
The increase in sales tax is mostly due to increased company spending. While mining receipts are still below levels, it remains the largest contributor. Wholesale trading, manufacturing, and construction are among the industries that have seen double-digit growth.