According to the Texas economic research firm Perryman Group, Texas could lose up to 1 million jobs in 2020.
The report, titled "The Economic Outlook for the US and Texas: Projected Recession and Recovery from COVID-19" indicates the US forecast calls for "significant losses this year" of an estimated 9.8 million jobs and $1.0 trillion in output.
It does, however, go on to say that a "fairly rapid recovery is expected" once the worst of the virus issues has passed, with the addition of a projected 7.3 million jobs in 2021 (a 5.2% gain) and $973.7 billion in output (5.4% growth).
For Texas, the report says, negative effects of COVID-19 have been compounded by turmoil in energy markets, with a price war between Saudi Arabia and Russia causing an increase in supply even as demand dwindles.
While recent agreements have reduced global oil production, markets remain oversupplied and prices have fallen dramatically.
As the country's biggest oil-producing state, nearly a third of the 300,000 jobs in exploration and production could disappear this year.
The Perryman Group’s forecast for Texas indicates jobs losses through 2020 at 861,000 jobs (a 6.48% decrease) and $133.8 billion in output (down 7.6%).
Once again however, 2021 shows increases where the state is forecast to add almost 685,000 jobs for a 5.51% gain, with an increase in output of $154.4 billion (9.5% growth).