DALLAS - A leading economist says Texas will be "last in, first out" among states battling the recession, although a recovery that has already started will require patience.
Ray Perryman, head of the Perryman Group and a longtime Texas economist, says that the Lone Star State proved resilient because of advantages such as weather, stable home prices and a political climate favorable for companies seeking new places to do business.
Still, Perryman says Texas has seen its share of difficulty since the state got caught up in the national economic downturn in the summer of 2008. Job losses mounted last year, and the outlook remains bleak for commercial real estate.
He says that the long-term story for Texas will be one of "last in, first out." He also says it's a story of Texas doing a little better than the rest of the country.
But, he adds, 300,000 did lose their jobs.
As a measure of Texas faring better than most states, Perryman pointed to the 300,000 job losses. Although a large number, it represented about 4 percent of the losses nationally in a state that accounts for about 8 percent of the U.S. economy. Using that formula, Texas had about half the job losses that might be expected.