News

March 22 (Bloomberg) -- Texas, the second-most populous U.S. state, is among the first to emerge from the recession that began in December 2007 as job growth returned sooner, Comerica Inc. said in a report.

The Texas economy followed states into the worst economic slump since 1930s, bottomed in September 2009 and began growing, five months before job growth hit bottom for the rest of the country, according to the report today by Dana Johnson, the chief economist at the Dallas-based bank.

Lufkin Industries officials are cautiously optimistic as they continue to slowly rehire employees laid off in 2009.

Lufkin Industries Vice President, General Counsel and Secretary Paul Perez said from December through February modest additions have been made to the Oil Field division and Foundry.

The City of Lufkin accepted a $4 million check Saturday afternoon which will be used toward finishing a large industrial development site that could bring hundreds of jobs to East Texas, city officials said.

U.S. Rep. Louie Gohmert (R-Tyler) presented the check on behalf of the Economic Development Association, part of the U.S. Department of Commerce. The EDA handed down the funds through the Deep East Texas Council of Governments, which acted as administrators.