Some of Texas' top economic leaders paint a rosy picture for the state heading into 2023, saying it's on more solid ground than many other areas around the country. But they also warn the state isn't immune to a recession.
"Texas is well positioned for long-term growth, with favorable demographics and expansion across a spectrum of industrial sectors," according to the annual long-term Texas economic outlook report from The Perryman Group.
Dallas' best asset is its natural population growth, coupled with the flood of people moving into the state, said Ray Perryman, chief executive officer of The Perryman Group, at an event this week hosted by the Dallas Regional Chamber at UT Southwestern Medical Center. By 2050, his firm expects Texas' population to hit 42 million, compared with about 30 million today.
"Human capital is going to be the single most important resource that we have going forward," he said. "Because [the U.S.] is running short of it, and we have it in abundance here."
Employers in the state have added 694,200 positions since October 2021. Texas is expected to generate 7 million more new jobs by 2045. Most of those will be in the services sector, including professional and business services, education, health care, accommodations and food services, the Perryman report said. The wholesale and retail trade segment will also grow significantly.