HillCo Partners April 2022 Economic Update

HillCo Partners closely monitors and respects information regarding the current economic climate/state trends. These factors, including Texas bond ratings, are aspects that create an overall picture of the general economic health of the state. The following information has been compiled in order to create a more complete overview of the current economic situation in Texas.

Labor market information

The most recent labor market information for the state is as of April 2022:

April 2022 Texas IMT (Texas Labor Commission):

  • Unemployment rate: 4.3%
  • Total non-agricultural employment: 13,284,500
  • Job change during the year: 742,000
  • Annual growth rate: 5.9%

Compared to March 2022, the unemployment rate is down 0.1% and compared to unemployment insurance rates a year ago, it is down 1.9%. Texas added 62,800 non-farm payrolls in April 2022 and total non-farm payrolls reached 13,284,500. In April, recreation and hospitality gained 13,500 jobs for the month. Education and health services added 8,800 jobs, followed by financial activities employment which increased by 8,700 jobs. Mining and logging added 6,600 jobs, an increase of 3.2% from March 2022. (Texas Labor Commission).

Employment in Texas

According to Federal Reserve Bank of Dallas, employment in Texas rose 5.7% in April after rising 2.7% in March. Oil and gas saw the fastest growth, followed by manufacturing and financial activities. Payroll employment in Texas rose 2.7% above pre-pandemic levels. TheDallas Fed Texas Employment Forecastforecasts job growth of 3.7% this year.

State sales tax revenue

The Texas Comptroller is the states chief collector, accountant, revenue estimator, and agency is responsible for maintaining the books for the state government’s multi-billion dollar business (Texas Comptroller) . Additionally, the Comptroller monitors economic data around the state monthly and publishes regular periodicals. Each month, Texas Comptroller Glenn Hegar releases information about state sales tax revenue. Texas Comptroller Glenn Hegar announced in early May that state sales tax revenue was $3.8 billion in April, up 12.8% from April 2021. The majority of April sales tax receipts are based on sales made in March and remitted to the agency in April. . Comptroller Hegar noted that April state sales tax collections hit double-digit growth, reflecting both inflation and the continued expansion of real economic activity and l ‘use. He noted that “the strongest growth was in revenue from business spending-driven sectors, particularly the oil and gas mining sector,” which exceeded pre-pandemic levels. In terms of consumer spending, Hegar said, “Slowing retail revenue growth may signal a return of consumer spending to pre-pandemic patterns.” (Texas Controller).

Texas Bond Rating

The main rating agencies, Moody’s, Fitch and Standard & Poor’s (S&P), issue ratings that characterize the State’s ability to repay its debt. These agencies provide investors with assessments of the reliability of potential investments in the state and the possible risks involved. Additionally, well-rated borrowers generally pay lower interest charges. In August 2021, Texas was the highest rated by these three agencies.

Texas Notes (Texas Bond Review Commission)
Fit: AAA
Moody’s: Ahh
S&P: AAA

About: HillCo Partners was founded by Neal T. “Buddy” Jones and Bill Miller. It is a full-service company that provides consulting services for public and governmental affairs. The firm opened in 1998 and is now the highest ranked lobbying firm in Texas. More information about the company can be found on their website: www.hillcopartners.com. Compiled by the staff of HillCoPartners.com


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