The 2019 Perryman Economic Forecast for the U.S. and Texas calls for continued expansion over the next five years (2018-23).
According to Dr. Ray Perryman, president and CEO of The Perryman Group, “the U.S economy is adding jobs at a notable pace, and I think the expansion will likely continue. Even with uncertainty and the challenges the national economy is facing, on balance, I am calling for growth over the next few years.”
Output (real gross product) in the U.S. is forecast to grow by 2.61 percent annually and reach $21.1 trillion in 2023.
The U.S. labor market remains strong, and approximately 11.6 million net new jobs are expected to be added through 2023, a 1.51 percent yearly pace which results in 2023 employment of 160.6 million.
The Texas economy is expanding at an even faster pace than the national rate.
“The growth in oil and gas exploration and production has been a major driver of economic expansion in Texas,” Perryman said.
“Many other industries are expanding, with manufacturing, technology, and services businesses leading the way.”
During the next five years, the state’s output (real gross product) is forecast to increase by 3.82 percent annually, reaching $2 trillion in 2023.
An estimated 1.4 million net new jobs are projected for Texas by 2023, representing a 2.02 percent yearly growth rate.
Services industries will drive job gains, with wholesale and retail trade businesses also forecast to see notable hiring.
The U.S. and Texas economies are on track to experience positive growth over the next five years. “There are always things that can shake up the economy, but I am optimistic about the future for the U.S. and Texas economies,” Perryman said.