Is Texas economy really that good, or is Texas a bit overrated? (Dallas: mortgages, loan)

[txstate]

From working in Texas Ive learned that we have a lot of people with jobs with average or below wages and no benefits. Looks good until you really study what type of jobs are helping the economy and how it affects the workers.

[markymarq81]

I have a friend who moved from Charlotte to Dallas in 09, and then moved back a year and a half later. Unless you work in the oil/gas industry, yes it is WAY overrated. After that, all there was were low paying service jobs, and TX is a low income state.

[Johnhw2]

Texas's approach vs the nations represent two extremes. Tx is a state of minimal gov and low cost of living and a decent number of jobs in this tough global economy. Our national gov is becoming larger and more like euro country gov's and those entities are facing job creation challenges as wel as higher cost of living. Yet some how a former Tx gov according to some screwed up the national economy on his own. The lesson is a Prez can only do so much and a gov can only do so much whether its good or bad. A constant focus on a strategy long terms works in Tx. at the federal level is swings from one way to another every 2, 4 or 8 years.

Texas jobs market is better than most these days. But businesss struggle as its hard to make money despite demand as higher costs of doing business (unemployment insurance/health care/ etc) and an abundance of competition for work keep profits low. Houston is having an energy related true boom along with Midland/Odessa and a few other Tx locations, the rest is just doing ok economically which is better than most states in these times. You need a good work ethic, good skills in the right industry to get a great paying job as any where.

[GraniteStater]

The model for job growth in Texas is overly dependent on very fast population growth. Most of the rest of the US does not have the same level of dependency on growth to create growth at the rate of Texas.

[sxrckr]

Originally Posted by markymarq81

I have a friend who moved from Charlotte to Dallas in 09, and then moved back a year and a half later. Unless you work in the oil/gas industry, yes it is WAY overrated. After that, all there was were low paying service jobs, and TX is a low income state.

That's completely inaccurate.... I have never worked in oil/gas nor has anyone else I know personally. Professional services, tech, medicine, manufacturing, all big in Texas too.

[Johnhw2]

Originally Posted by GraniteStater

The model for job growth in Texas is overly dependent on very fast population growth. Most of the rest of the US does not have the same level of dependency on growth to create growth at the rate of Texas.

Please explain and give an example of how this is so? I dont doubt it just never heard it before nor heard an example of how the state is dependent upon it.

It is true oil and gas jobs pay great. As a headhunter I see a lot of professionals looking to replace a six-figure job they lost during this recession with the same pay. The only place this seems to happen in my experience is in oil and gas. The good jobs at E&P companies pay in the $200k range for experienced oil and gas engineers or geo scientist. I believe these type jobs with great benefits as well as 25% bonuses are rare. Let me know if you others have experience saying this isnt rare in other fields in Tx or different locations. Thanks!

[BestintheWest]

may be of interest

Texas: The minimum-wage state - San Antonio Express-News

[augiedogie]

I can't believe the discussion in this thread. My guess is that many people on this forum have very little knowledge of the actual job market. Minimum wage state?. I've been in Texas since 97, and the job market remains very good. Not as good as the mid 90's but still very good. Resturants aboud, people drive SUV's trucks, nice cars. I didn't know anyone in the oil and gas industry when we lived in Richardson, but most people were doing pretty well. There's great schools, with well paid teachers. There's a big high tech industry, Texas Instruments, EDS, IBM, Cisco, Nortel Networks, and a bunch of others have facilities in Dallas, and other cities in the area. Yes, some people work minimum wage. What's wrong with that. Its an earning wage, for training. Even my son, who is handicapped and works part time at a theatre, just got a bump to $8.50. Are wages lower in Texas than in California or the east coast. Yes, but the cost of living is much less than those areas. When I worked for Countrywide Home Loans about 10 years ago, one of the trainers in Plano was offered a job in California, but she figured out that she would need at least a 45% pay increase to stay EQUAL to what she was making in Dallas, just based on the cost of living, taxes, insurance, real estate cost etc. You can still buy a nice ranch house in the Dallas suburbs for $150,000, and there's no state income tax. Figure that all in when you compare.

[GraniteStater]

Originally Posted by Johnhw2

Please explain and give an example of how this is so? I dont doubt it just never heard it before nor heard an example of how the state is dependent upon it.

It is true oil and gas jobs pay great. As a headhunter I see a lot of professionals looking to replace a six-figure job they lost during this recession with the same pay. The only place this seems to happen in my experience is in oil and gas. The good jobs at E&P companies pay in the $200k range for experienced oil and gas engineers or geo scientist. I believe these type jobs with great benefits as well as 25% bonuses are rare. Let me know if you others have experience saying this isnt rare in other fields in Tx or different locations. Thanks!

It means that the state level economy has to be performing very well and adding lots of jobs just to keep up with population growth which is much higher than other states (through in-migration and natural increase). Utah is similar in that regard as well. Other states have slower population growth but decent job growth from a smaller base (New Hampshire). I'm not sure how this would apply to a specific field or certain types of employment, though.

[cBach]

Originally Posted by KantLockeMeIn

and at the groups the motto is fake it till ya make it.

sounds very classy.