By Dr. Ray Perryman
The most recent Perryman Economic Forecast for the United States and Texas calls for growth through 2027, though the path will likely be somewhat uneven.
Dr. M. Ray Perryman
According to Dr. Ray Perryman, President and CEO of The Perryman Group, “The nation is facing significant headwinds. Although inflation is finally moderating, the inevitable fallout from the actions by the Federal Reserve is negatively affecting a variety of industries from residential construction to banking. Geopolitical uncertainty is also running high. Even so, I think any downturn we may see will be relatively mild and manageable, with growth expected over the five-year horizon.”
Output (real gross product) in the United States is expected to grow at a 2.8 percent annual pace, reaching a level of $23.0 trillion in 2027. More than 13.6 million net new jobs are forecast to be added, bringing total 2027 employment to 165.7 million.
The Texas economy is performing better than other areas, generating jobs month after month. “Texas recovered from the pandemic much faster than many states and continues to lead the way,” Perryman said. “The state is not immune to the national situation, and our largest export sector—oil and gas—is highly sensitive to global demand. Nonetheless, the Texas economy is diverse and well positioned to deal with what comes, and I expect notable growth over the next five years.”
An estimated 1.3 million net new jobs are expected for the Texas economy by 2027, representing a 1.83 percent annual rate of expansion during the period.
More information about this forecast is available at PerrymanGroup.com.