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What Happened to the Houston Oilers?

By May 22, 2015CMF Blog

For the six years from January 2009 to December 2014, Texas added 1.2M net jobs (or 16K per month) to its economy. This represented 20% of total net job creation throughout the country over the six-year period ended December 31, 2014.

Surprise! When we saw the March figures where Texas lost 25,400 jobs in one month, it was quite a shock. From January to March 2015, Texas added only 3,700 net jobs, a mere 0.7% of total net job creation throughout the country in the same time period.

These declines are directly and indirectly attributable to the fall in oil prices and drilling – not only in the mining and petroleum industry, but also in the professional and business services, and trade, transportation and utilities industries that service these activities. For a good indicator of the extent on the overall economy related to the decline in drilling, watch the Houston/Texas “oilers.”

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