Posted: Mar 27, 2014 11:27 AM
Updated: Mar 27, 2014 11:27 AM
AUSTIN, Texas (AP) Official and independent economists have told state lawmakers that the $1.3 billion Texas economy has completely recovered from the Great Recession and is getting stronger.
John Heleman, chief revenue estimator in the Texas comptroller's office, said Texas and New York are the only two states to have restored all of the jobs lost when the recession hit in 2007.
He said Thursday that the Texas economy is larger than those in Michigan, North Carolina and Georgia combined.
Independent economist Ray Perryman said Texas lost 400,000 jobs between 2009 and 2011, but has since added more than one million jobs. But he noted that those who lost their jobs may not have gotten one of the new ones.
Perryman said the state needs to make major investments in roads and schools.