COVID-19 and Texas economy

Summary

The headwinds from declining oil demand and increasing supply will delay the recovery of the Texas economy. Consequently, we expect Texas GDP to decline between -3.7% and -6.9% in 2020, that is, worse than the U.S. average. This would mark the worst recession since at least 1978.

Key points

• Key points:
• Texas and the U.S.
• Oil and gas industry
• Vulnerable MSAs

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