The substantial and rapid increase in the price of housing, whether rented or purchased, has significant implications for millions of households. Wages have been trending upward of late, but with increases in the cost of many items even as overall inflation moderates, many people continue to struggle. The spike in home and apartment prices, which represent the largest expenditure category for most families, is posing difficulties throughout the country. Let's take a brief look.
Trade between the United States and Mexico is crucial to both nations, and Texas has been the leading state for exports and imports between the two countries for decades. The Perryman Group estimates that trade between Texas and Mexico generates business activity across the United States of almost $1 trillion in gross domestic product annually and more than 8 million jobs (including multiplier effects and based on 2023 trade levels), with much of the activity concentrated in Texas.
As the migrant crisis engulfs the border and the politics become increasingly complex and counterproductive, it is useful to remember the economic significance of our relationship with our southern neighbor. Let's briefly explore.
Dr. Perryman discusses how the Texas oil and gas industry performed in 2023 and the outlook for the future.
A moratorium was recently issued on permits for new liquefied natural gas (LNG) facilities. Although the reasons were purportedly related to climate change, the reality is that slowing the development of this market is actually deleterious for the environment, not to mention the global economy, human sustainability, and geopolitical stability.
Dr. Perrymand discusses the latest consumer sentiment about the economy.
Tensions are running high in the Red Sea. Houthi rebels based in Yemen have been targeting cargo ships, firing missiles at vessels bearing flags of a variety of nations. Their goal appears to be to widen the conflict in the Middle East while simultaneously putting pressure on Europe.
Dr. Perryman discusses the Texas job market for December and the outlook for 2024.
New population estimates have been released, and once again Texas gained far more residents than any other state. The US population increased by a little more than 1.6 million people during the 12 months ending in July 2023. That's a rise of just 0.5%, but it's better than the 0.4% increase in 2022 or 2021's 0.2% gain. Migration was up, and there was a drop in deaths (though they remain well above pre-COVID levels).