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Federal Reserve Bank of Dallas
Southwest Economy
Recession arrives in Texas: a rougher ride in 2009
Keith R. Phillips
Jesus Cañas
Abstract

Through much of 2008, the Texas economy continued to expand while the nation fell into recession. Growth in the energy and high-tech sectors and rising home prices were key factors in making Texas' economy one of the nation's strongest. ; In the last half of the year, however, the state's economic conditions deteriorated rapidly. The weakening was primarily due to the deepening global financial crisis and sharp declines in energy prices, high-tech activity and exports. ; Indicators suggest Texas trailed the official December 2007 start of the U.S. recession by at least six months. So far, the state's economic losses have been moderate compared with the rest of the country's, which means Texas is still faring better than the nation as a whole.


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Keith R. Phillips & Jesus Cañas, "Recession arrives in Texas: a rougher ride in 2009" , Federal Reserve Bank of Dallas, Southwest Economy, issue Q1, pages 3-6, 2009.
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Keywords: Economic conditions - Texas ; Recessions
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