The rest of the country might be reeling from the recession but Central Texas is doing fine, according to a new report released Wednesday by the Perryman Group, which is an economic analysis firm headquartered in Waco.

According to the company's namesake and CEO, Ray Perryman, the tremendous growth that Central Texas has seen in the past few years may slow, and jobs may become harder to find, but the overall economy of our area will remain strong.

"Long term this area is a vital area, it's a technology center. I think the critical thing for Austin going forward is to capitalize on the opportunities that are going to be out there in emerging technologies," Perryman said. "Because some of the traditional fabs, that used to be the high-tech, greatest thing going are now kind of fading into the background and other types of industry--the nanotechnology and those things are emerging."

Perryman said Central Texas will likely see some slowing in the first part of the year, but he predicts our economy will pick up the second part of 2009.

The report indicated that 7,300 jobs were created in Texas in November 2008. Perryman Group also notes that oil prices continued their downward slide due to diminished demand and an overall sluggish economy, resulting in the slowing of the energy sector. As a result, there will likely be job losses in the near future as the effects of the credit crisis work its way through the economy.

The state sustained significant financial hardship with the Gulf Coast taking a pounding from Hurricane Ike. The cost of the storm is estimated to be upwards of $19 billion.

In light of all of the negative downturn, the report highlighted some positive potential in the state's economy, too. Texas continues to be highly successful in competing with other states for businesses seeking new locations and expansion opportunities.

The Texas housing industry has been trending downward since 2006, however, real estate prices in Texas have remained fairly stable, and the downturn has not been as severe as in most parts of the nation.

Perryman said Central Texas will likely see some slowing in the first part of the year, but he predicts our economy will pick up the second part of 2009.