24 hours: Two Texas Oil Drillers File for Bankruptcy

Two Houston-based drilling companies filed for Chapter 11 bankruptcy protection within a 24-hour period ending Friday as the oil slump continues to take its toll on the sector at large. The firms plan to shed a combined $3.2 billion in debts to their creditors.

The Associated Press

Op-Ed: International Trade Influences Texans’ Prosperity

The Texas economy has taken hits from a plunge in oil prices, global economic weakness, and a stronger U.S. dollar during the last year. One indication of this combined blow is the latest report by the Dallas Federal Reserve showing a 7.7 percent drop in exports during the last year through July. With exports contributing to almost one-fifth of the state’s total economy and supporting more than one million jobs, it’s no shock that the state’s economy is slowing.

Texas Capitol

Houston #5 Nationally in Luxury Home Sales despite Lower Oil Prices

HOUSTON, Texas – Despite a sharp downturn in the price of oil, Houston remains the top Texas city for the sales of luxury homes and ranks fifth in the nation. This ranking was reported from Coldwell Banker Previews International’s spring 2015 luxury market report by Paul Takahashi with the Houston Business Journal.

River Oaks Home

Texas Economy Expected to Grow Despite Oil Slump

Texas Comptroller of Public Accounts Glenn Hegar released the Biennium Review Estimate (BRE) on Monday in Austin. He predicted Texas will have $113 billion available for general purpose spending during the 2016-17 biennium. This represents a 9.5 percent increase over the 2014-15 biennium. The new Comptroller predicted a moderate growth rate during the coming two years.

Glenn Hegar - AP Photo