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State Comptroller Issues Statement On Economy

Texas Comptroller Glenn Hegar

“The fundamentals of the Texas economy remain strong. The agency is monitoring weakness in financial markets, including commodities and energy markets. We have been tracking revenues carefully since markets began to soften.

“Certainly, Texas has exposure if oil prices remain depressed for a sustained period of time, and slowdowns in economic activity related to the COVID-19 outbreak could also be a headwind. We are still only six months into the current budget cycle, however, and it is too early to tell with certainty how current fluctuations will impact long-term economic performance and state revenues.

“As I have said before during significant downturns in energy prices, the Texas economy is less reliant on severance taxes to fund the day-to-day functions of state government than it has been historically. In addition, the state leadership has numerous financial management tools that allow the state to react to and contend with economic pressures. Having said that, we will continue to monitor the economy and state revenues closely and will provide updates to lawmakers and the public as conditions warrant.”