Perryman projects growth for area economy
The most recent Perryman Economic Forecast for the U.S., Texas and the Beaumont-Port Arthur area calls for continued recovery from the COVID-19 pandemic and a return to growth through 2025, the Perryman Group reported March 8.
According to Dr. Ray Perryman, President and CEO of The Perryman Group, "While we are still dealing with the COVID-19 pandemic and timing remains uncertain, there is a plausible path forward with ongoing vaccination programs and better therapeutics. We aren't out of the woods yet, but over the next few years we should see major improvement."
Output (real gross product) in the U.S. is forecast to grow at a 4.41% annual pace, reaching a level of $22.9 trillion in 2025. About 17.4 million net new jobs are forecast to be added, for a total 2025 employment of 160.4 million.
The Texas economy is expected to expand at a faster pace than the national rate. "The COVID-19 pandemic did not spare Texas," Dr. Perryman said. "The state's largest export industry, oil and gas, was hit particularly hard as demand dropped in 2020, but has begun to recover. Many other industries are expanding, with manufacturing, technology and services businesses leading the way."
An estimated 1.6 million net new jobs are projected for the Texas economy by 2025, representing a 2.39% annual rate of growth over the period.
For the Beaumont-Port Arthur area, The Perryman Group projects that about 17,658 jobs will be added by 2025, representing an annual rate of growth over the 2020-25 period of 2.14%.
The U.S., Texas and Beaumont-Port Arthur economies are on track to regain economic ground lost during the pandemic and see growth during the next five years.
"There are always things that can shake up the economy as we saw last year, but on balance, I think we'll see notable economic growth," Dr. Perryman said.