Houston Unemployment and a Booming Texas Economy
The unemployment rate in Houston is at 10 percent as of December 2011 according to the US Bureau of Labor Statistics, 2 percent higher than the national average. This is shocking, considering Texas is leading the nation in government job growth. About four years ago, government stimulus was supplied in hopes of restoring economies to get them growing again.
The fact is, there has not actually been growth. Most states have either stayed the same or gotten worse when it comes to unemployment. Recently it has also just been announced that Texas has returned to the labor rate they were at before the recession started. Not many states can say that.
It’s hard to tell where Houston stands when it comes to job growth. News headlines are reading both “Houston Unemployment Rate Inches Higher” as well as “Houston Unemployment Rate Continues to Drop” making it almost impossible to determine what is actually happening in Houston’s economy, but it may be safe to assume that Houston will follow the trend of the rest of the state, which is continuing to improve. According to the Texas Work Force Commission, Texas saw their civilian labor force add 21,000 people.
Did you know that two out of three people filing for bankruptcy have lost their job? And that 91 percent of people filing for bankruptcy have suffered either a job loss, a medical illness or have undergone a divorce? This should typically mean that when unemployment drops, so will the number of people filing for bankruptcy. Things are looking up for the lone-star state, and with the way the economy has been growing among countless other states that are either stagnating or getting worse, Texans can be assured that their situation is not dire.
If you live in the Houston area and are one of the many people facing unemployment, be encouraged that the Texas economy is growing. If you are facing the realities of unemployment now and don’t have time to wait for the economy to make a turnaround, then you have options you may not even be aware of. No one financial situation is like any other. You may be able to afford an alternative payment plan but you may not. Some debt cannot be taken care of completely by filing for bankruptcy, but many of those include debts that must be paid as a result of a crime, spousal/child support and student loans for example.
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.