• Cox Mfg Part of Nation's Fastest-Growing Economy

Cox Mfg Part of Nation's Fastest-Growing Economy

Cox Mfg Part of Nation's Fastest-Growing Economy

According to Wall Street Journal, Texas added the most manufacturing jobs in the nation in 2017, propelling the state's manufacturing employment growth past the national average.


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Texas wrapped up 2017 with the fastest-growing economy in the U.S., propelled by a swift resurgence in oil extraction that lifted business across the state.

The Lone Star economy grew at a 5.2% seasonally adjusted annual rate in the fourth quarter, with the mining industry the leading factor behind output gains, according to the Commerce Department. The sector helped buoy the state’s economic output over the year, after the state had weathered several quarters of weak growth and even contractions.

“It’s actually Texas that’s driving much of the national numbers on manufacturing,” said Rob Martin, U.S. economist at UBS. “In part, with the further rise in oil prices, we’re seeing other energy fields coming online. The Permian Basin was first. We’re seeing increased activity in Pennsylvania, North Dakota [and] New Mexico as those fields become more profitable.”

Texas added the most manufacturing jobs of any state from December 2016 to 2017, as payrolls rose by more than 16,000 over this period, Labor Department figures show.

One manufacturer ramping up business investment is San Antonio-based Cox Manufacturing Co., which produces precision parts made of steel, aluminum and brass. Owner and chief executive Bill Cox said the company is considering either a 16,000- or 24,000-square-foot expansion, up from a formerly planned 8,000-foot expansion. It plans to add staff, too, to meet increased demand from oil companies that need new parts.

“During this [oil] rebound we’ve had a huge surge in demand,” Mr. Cox said. “There’s such a shortage of suppliers in that sector that we have been approached by a lot of companies to come in and help them.”

 

Read the full article here.


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