Texas' commercial real estate market steadily worsened as recession took hold in 2009. Commercial real estate's woes don't bode well for banks already struggling with losses from residential loans. The number of distressed properties--those in foreclosure, in bankruptcy or restructured--is rising.

Texas' population grew robustly in the two years ended July 2009 despite the recession's impact on labor markets. The state added more people than any other--almost 1 million--and expanded at a faster pace than all but Utah and Wyoming.>

During the downturn, advanced economies as well as developing countries adopted policies ranging from keeping new migrants out to encouraging resident migrants to leave.