As you all know, the U.S. economy officially entered a recession in March 2001. Even as the U.S. economy began to slow down and then slip downward, the Texas economy continued to expand. The ability of the Texas economy to remain buoyant as the national economy slipped into a recession led many people to call the Texas economy "unsinkable." ; More recently, however, the Texas economy has begun to take on water. The questions we want to address today are: What accounts for the Texas economy's buoyancy? How much water have we taken on? To what extent did the terrorist attacks of 9/11 affect the Texas economy? And what are the prospects for smooth sailing in the near future?
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Article provided by Federal Reserve Bank of Dallas in its journal In Depth.