Texas economy primed for standout year

Texas and the U.S. is primed to have a healthy economy for 2014, a new report from the BBVA Compass stated. The report said better employment opportunities and consumer confidence is a major reason for the expected growth.

BBVA Compass points to a growth of gross domestic product in real estate, manufacturing and energy markets playing a major factor in economy for the new year. Approximately 25 states will eclipse the national average of 2.3 percent, the report stated.

Texas was one of the specific states that was pinpointed to have a successful 2014. The report pinpointed a few areas that will contribute to a healthy growth for the Lone Star State.

One of the areas that has helped spearhead the Texas economy is technology. Wells Fargo economists, which does its own regional economic reports, said Texas's technology manufacturing is a key contributor to the improving economy and to adding jobs in the United States. Employment for computer system design and other related fields is up 6 percent from 2012, the report stated. There was also a 9.4 percent increase in employment for the architectural and engineering fields, which is good news for engineering recruiters as they can help people find jobs. Several major businesses that are located in Texas, namely IBM and eBay, are contributing to the technology hiring boom.

BBVA economist Boyd Nash-Stacey said in a statement the manufacturing industry in Texas needs to show a little more improvement if it wants to help the U.S. economy thrive. Manufacturing recruiters can help with this conundrum by finding new workers for the industry. The Wells Fargo report said manufacturing employment in Texas, specifically the aerospace product and parts sector, is down 1.3 percent from 2012.

Although Texas has seen a small decrease in manufacturing employment for 2013, the country as a whole finished out 2013 strong. The Markit U.S. manufacturing purchasing index ended December at a reading of 55, a slight increase from November's 54.7 reading. Anything over 50 signals expansion within the industry.