Last 12 months, because the world reeled from the COVID pandemic, we mentioned the Texas economic system and how its key industries have been faring. In June 2020, issues have been bleak. Unemployment was at 13%, the worth of oil had crashed beneath the zero mark, and the well being care system was struggling immense income losses amid a 56% decline in affected person quantity. When we checked again just a few months later, companies have been nonetheless struggling, notably within the vitality sector, and corporations have been declaring chapter at a rare price. The court docket system was at a digital standstill: whereas Texas courts oversaw a median of 186 jury trials per week in 2019, throughout the interval of March to December 2020, that quantity dropped to an astounding 4 trials per week. Pre-COVID, jury trials totaled over 10,000 yearly; in 2020, there have been solely 222.
In 2021, the vitality market has bounced again, however our troubles are removed from over. COVID has continued to have an effect on the worldwide economic system long gone expectations, inflicting uncertainty and financial pressure. The World Bank studies that “despite this year’s pickup, the level of global GDP in 2021 is expected to be 3.2% below pre-pandemic projections, and per capita GDP among many emerging market and developing economies is anticipated to remain below pre-COVID-19 peaks for an extended period.” The unfold of latest virus variants has elevated uncertainty, and the disruption to provide chains continues. Piling on, February’s unprecedented storm was probably the most costly climate catastrophe in Texas historical past, with Austin-Travis County officers estimating the harm at upward of $195 billion. In September, Hurricane Nicholas wrought over $1 billion in property harm and left over 180,000 folks with out energy.