TYLER, Texas — An economist report shows Tyler’s positive economic growth despite the challenges of inflation.
The 40th annual Perryman Economic Outlook conference was held at Brookshire's center Thursday afternoon. Dr. Ray Perryman, a renowned economist told city leaders he expects consistent growth and expansion as more job opportunities surface in Tyler.
According to a report by Perryman, employment rates in Tyler are expected to outpace the nation with job growth of about 2% per year through 2028.
"Tyler's population is keeping track with actually slightly ahead of the growth in Texas. Which basically means you'll have more people, more workers, more ability to compete," Perryman said.
However, Perryman explains inflation has raised interest, credit card, and mortgage rates, but it isn’t a reflection of the economic growth the city has seen.
"I don't think it's impacted economic growth that much," Perryman said. "If anything it's been a reflection that we've had a lot of economic growth."
The industries that have seen the most growth are mining, logging, and construction.
He expects the growth in health, food, and business services to generate the largest number of jobs in the next five years.
"I really hope people can get a sense of just how important the investments made in this community in life sciences in the past 20-30 years are and how much it's been paying off," Perryman said.
Perryman said Tyler is headed in a positive direction with significant expansion in the coming years to look forward to.