MCALLEN, RGV – Texas economist Ray Perryman is projecting that the McAllen-Edinburg-Mission MSA will add 29,700 jobs over the next five years, at an annual rate of 2.1 percent.
The McAllen-Edinburg-Mission Metropolitan Statistical Area covers Hidalgo County and thus includes other major cities such as Pharr and Weslaco.
Perryman utilizes his crystal ball in his latest Economic Forecast, which is published each month in a Perryman Group newsletter.
The 2018 Perryman Economic Forecast for the U.S., Texas, and McAllen-Edinburg-Mission MSA calls for “continued expansion” over the current five-year period – 2017 to 2022. It states that the U.S., Texas, and McAllen-Edinburg-Mission MSA are “on track” to experience growth over the next five years.
“I am projecting that around 29,700 jobs will be added to the McAllen-Edinburg-Mission area over the next five years at an annual rate of 2.10 percent,” Perryman said. “Most of this employment growth will come from the services, trade, and government sectors.”
In the report, Perryman said the US, Texas, and McAllen-Edinburg-Mission MSA are on track to experience “positive growth” over the next five years.
“Although countless issues could alter the course of the economy in a heartbeat, I am optimistic about what lies ahead for the US, Texas, and Rio Grande Valley,” Perryman said.
Dr. Perryman is president and CEO of The Perryman Group. He said the U.S. economy is performing quite well and should continue to expand over the next several years.
“There are always factors that could shift performance, but all in all, I think the country will gain economic strength over the short term,” Perryman said.
Output (real gross product) in the U.S. is forecast to grow by around 2.89 percent annually and will reach $19.3 trillion in 2022, Perryman predicted. The U.S. labor market, meanwhile, is improving. Perryman said approximately 11.7 million net new jobs are expected to be added at a 1.55 percent yearly pace during the short-term forecast period. This will bring total 2022 employment to 159.1 million.
Even though some communities are still in the recovery process from Hurricane Harvey, the overall Texas economy is expanding at a solid pace, the report states.
“Texas went through a really bad storm last year, but it’s coming back strong,” Perryman said. “Conditions are improving in the energy industry, manufacturing is expanding, and the state continues to have one of the most attractive business climates in the country.”
Perryman said that during the next five years, the state’s output (real gross product) is forecast to increase by 4.01 percent annually, reaching $1.9 trillion in 2022. An estimated 1.4 million net new jobs are projected for Texas by 2022, representing a 2.05 percent yearly growth rate. Services industries will drive job gains, Perryman predicted, with wholesale and retail trade businesses also forecast to see notable hiring.
“I am projecting that around 29,700 jobs will be added to the McAllen-Edinburg-Mission area over the next five years at an annual rate of 2.10 percent,” Perryman said. “Most of this employment growth will come from the services, trade, and government sectors.”
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