The state's red hot economy Local economies, like Corpus Christi's, must take advantage. Texas is riding tall in the economic saddle. For local economies, the challenge is to catch the ride now while that pony is at full gallop. One good reason for the Fed writers' optimism is the rise in oil prices.
Oil still makes up a good part of the state's economy.
But while the rise in oil prices is add-ing employment as the number of drilling rigs increases and as production firms muscle up, the state's dependence on the oil patch is less than it was before the oil bust of the 1980s. Today's Texas economy, while still holding a treasured spot for oil, is looking more to exports and technology-related industries, two segments that depend on education and on Texas' prime location. The blizzard of new communication products makes the outlook for these Texas-based industries only brighter in 2000. The picture for exports is looking up as well, despite this being an election year in Mexico, traditionally a period for caution in businesses dealing with our southern neighbor. It means that we must act now to capture the opportunities coming with international trade.