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Highlighting the dynamic economy of Texas, northern Louisiana and southern New Mexico

Laila Assanie and Ethan Dixon

While lagging indicators reflect resilient growth for the Texas economy, more recent survey data suggest diminished momentum amid elevated uncertainty about the outlook.

Malcolm Duncan, whose tenure as Waco mayor coincided with the city’s emergence as a destination and area economic hub, discusses how the city has changed and where its future fortunes and challenges lie.

Steve Estes, the Texas A&M AgriLife Extension Service agent for Taylor County, offers his perspective on how ranchers, farmers and city dwellers can collectively work to ensure that the area makes the best decisions regarding precious water resources

Ethan Dixon, Robert Leigh and Pia Orrenius

Funding for water infrastructure improvements has emerged as a priority for the Legislature during its 2025 legislative session. Absent changes to policy, Texans could face significant water shortages during droughts and constraints on future growth and economic development.

Garrett Golding, Diego Morales-Burnett and Kunal Patel

New Mexico has become a U.S. leader in energy production over the past five years, drawing on Permian Basin reserves in the southeastern corner of the state. Oil and gas proceeds fund an increasing share of state government, most notably involving education programs.

Ray Perryman, principal of Waco-based The Perryman Group, has been an observer of the Texas economy for more than four decades. He offers his views of what has propelled Texas since the 1980s oil bust and the state’s future prospects, and he recounts how he grew his economics firm.

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Southwest Economy

Southwest Economy is published by the Federal Reserve Bank of Dallas. The views expressed are those of the authors and should not be attributed to the Federal Reserve Bank of Dallas or the Federal Reserve System.

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