FORT WORTH, Texas (AP) — The oil and gas boom and millions of new consumers have propelled revenue growth in Texas to nearly twice the national average. Yet, a new report from Standard & Poor’s shows income inequality is putting a brake on the pace of expansion.
“Even for Texas, the growth rate is almost unsustainable,” Pia Orrenius, a vice president and senior economist at the Dallas Federal Reserve, told The Associated Press. “This incredible growth has brought lots of people to the state, and the demand for services is growing so fast. At some point, the state is going to have to deal with the income inequality issue.”
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