Texas Small Business Borrowing Stalls in February
Chicago, IL, April 13, 2017 (Newswire.com) - In February 2017, Texas' small firms borrowed comparably to the previous month, according to data published by PayNet. Of the 18 major industries, 10 increased and 7 descended in Texas.
Registering at 113.3, the PayNet Small Business Lending Index (SBLI) for Texas exceeded the national SBLI level of 99.0 and performed on par with last month's state level. We can cautiously anticipate improving economic conditions in Texas based on recent small business investment.
Arts, Entertainment, and Recreation (41.2%); Admin & Support and Waste Management & Remediation Services (6.6%); and Information (0.5%) were the three industries with the most favorable performance over the past year in Texas. At 202.4, this is the highest the Arts, Entertainment, and Recreation industry has ever been in the state.
The PayNet Small Business Default Index (SBDFI) for Texas registered the highest default rate in the country at 3.26%. After a similar performance to the previous month, Texas' SBDFI was 137 basis points above the national SBDFI level of 1.89%. Texas' SBDFI climbed 104 basis points over the last year, while the national SBDFI rose 30.
"Time will tell how these conditions will affect the Texas economy going forward," says the president of PayNet, William Phelan.