Last year, as the world reeled from the COVID pandemic, we discussed the Texas economy and how its key industries were faring. In June 2020, things were bleak. Unemployment was at 13%, the price of oil had crashed below the zero mark, and the health care system was suffering immense revenue losses amid a 56% decline in patient volume. When we checked back a few months later, businesses were still struggling, particularly in the energy sector, and companies were declaring bankruptcy at an extraordinary rate. The court system was at a virtual standstill: while Texas courts oversaw an average of 186 jury trials per week in 2019, during the period of March to December 2020, that number dropped to an astounding four trials per week. Pre-COVID, jury trials totaled over 10,000 annually; in 2020, there were only 222.

In 2021, the energy market has bounced back, but our troubles are far from over. COVID has continued to affect the global economy long past expectations, causing uncertainty and economic strain. The World Bank reports that "despite this year's pickup, the level of global GDP in 2021 is expected to be 3.2% below pre-pandemic projections, and per capita GDP among many emerging market and developing economies is anticipated to remain below pre-COVID-19 peaks for an extended period." The spread of new virus variants has increased uncertainty, and the disruption to supply chains continues. Piling on, February's unprecedented storm was potentially the costliest weather disaster in Texas history, with Austin-Travis County officials estimating the damage at upward of $195 billion. In September, Hurricane Nicholas wrought over $1 billion in property damage and left over 180,000 people without power.