Texas recovered from the 2008 crisis faster than much of the U.S. This time, with an oil-price bust and coronavirus, it’s likely to suffer an outsize contraction.
Texas had one of the best economic records of any U.S. state after the 2008 financial crisis. In this crisis, it faces the prospect of a deep and prolonged downturn.
The Lone Star State is exposed to many of the pandemic and shutdown’s economic ill consequences, with three cities—Austin, Houston and Dallas—home to an abundance of service-sector jobs, especially at risk. A downturn in the oil industry and other businesses big in Texas, including airlines and ports, will likely amplify its pain. Industry analysts expect the...
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