Standard & Poor's issued a report Thursday affirming Texas' status as a national economic leader and touting the policies that made Texas one of the last states to fall into the national recession and the first leading the way out. S&P's report came out a day before national employment data was released showing Texas' unemployment rate had fallen to its lowest level in 2010, 1.5 points lower than the national average.
"Texas has seen a demographic and economic transformation that, in our opinion, has placed the Lone Star State among the few that can claim to have escaped, relatively unscathed, what many believe has been the worst economic recession since the Great Depression," S&P analyst Horacio Aldrete-Sanchez wrote. "We believe that Texas' policy choices following periods of economic distress have helped set the stage for its current strong credit profile.
S&P's report lauded Texas' demographics, stable housing market, economic diversity, low energy prices and fiscally healthy government sector.
On Friday, it was announced Texas' unemployment rate had dropped to 8.1 percent, down from 8.3 in August and well below the national average of 9.6 percent.