Texans rate Texas’ economy higher than Americans, and are generally more optimistic about Texas’ economy than they are about the country’s.
Texans see the state’s economic growth in a positive light. Two-thirds of Texans believe that new businesses are moving to Texas, and that Texas is seeing increased growth, development and building in Texas.
However, not everything is perfect in the Lone Star State. They have mixed views about the state’s economy, but they are better than the nation’s. Many Texans aren’t just worried about gas prices and inflation. They are also concerned that higher prices are causing cutbacks in spending, and reporting difficulties for people with lower incomes. This is just like the American general.
While most Texans are positive about their family’s financial future, there are real concerns about inflation. Texans are no exception. They are pessimistic about how much goods and services will cost. Most people feel that higher prices have negatively impacted their lives. The price of gas has been a problem, while Texans with lower incomes say they are being adversely affected.
Concerns about inflation and the price of gas are tempering optimism.
Inflation and gas prices are two of the most important issues. They rank just behind the economy as a whole and ahead of education and gun policy. While most Texans are positive about their family’s financial situation, a majority of them are worried about the price of goods and services.
The impact of rising gas prices has been particularly significant. Two-thirds (63%) of Texans believe that higher gas prices have caused financial difficulties, with three out of ten describing it as a financial hardship.
Seven out of 10 Texans are experiencing the pinch, with seven cutting back on entertainment and other activities as well as reducing travel and trips. Many feel the pinch in their daily lives. 57% have cut back on food and groceries due to higher prices. 68% report that they drive less.
Some Texans are doing worse. Half of Texans say they’ve had to tap their savings to pay their bills. A third claim they’ve missed some payments.
The most severe effects have been felt by Texans with lower incomes. About half of those earning less than $50,000 per year have had their food and grocery budgets cut, while the other half have had to dip into their savings to pay for bills. These families are also more likely to miss bill payments than those with higher incomes.
The CBS News/YouGov survey included a representative sample of 1,075 U.S. adults in Texas, who were interviewed from June 22 to 27, 2022. Based on the U.S. Census Current Population Survey and 2020 presidential vote, the sample was weighted so that it represented adults in Texas. The total sample’s margin of error is +4.7 points.
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