October 24, 2016 2:43 PM

Hegar takes issue with the idea that Texas is a drag on US economy

At economic roundtable, Comptroller notes Houston is dampening the state’s economy now because of the oil and gas downturn but numbers from other regions and sectors look stable

Comptroller Glenn Hegar on Monday took issue with a recent Wall Street Journal report that said Texas is a drag on the United States’ economy.

During a roundtable discussion with top economists assembled in his office, Hegar said there is no doubt Houston’s economy – as the oil and gas capitol of the world – is suffering right now but the overall economic picture in the rest of the state is generally stable.

That WSJ report was flawed, Hegar said, because it mainly focused on Houston then created a negative narrative for the entire state based on that.

This state’s economy is growing “modestly” but was never “in collapse” the way some reports portrayed it to be, Hegar said. He added that improvements in sectors like health care and real estate will help blunt the damage incurred in oil and gas as well as manufacturing.

By Scott Braddock