It may have come as a surprise to many, but the recession is over. That's what the National Bureau of Economic Research says and they say it ended 14-months ago.
According to the Texas Workforce Solution unemployment increased from July 2009 to July 2010 by .1%. In Wichita Falls 200 residents lost their jobs in 2009. Local business owners in Texoma told Newschannel 6 about what they did to survive during the recession.
"During the recession we actually pulled back a bit and we weren't spending as much money on advertising and things of that nature, but I'm hoping for a really good 2011. I'm going to stay incredibly positive and I feel that if you stay positive will come," said Dawn Thompson, Local Business Owner.
Dawn Thompson owns Spa Bella. She says the recession wasn't easy and was fortunate to have been one of the few to have survived.
"I did have a lot of friends who had to go out of business and I always hate that, and I'm hoping that with this economy going back up we can see some more businesses come here to Wichita Falls," said Thompson.
L.O. Nelson is the Assistant Director of the Small Business Development Center at MSU, he along with his colleagues helped local Texoma businesses get through the economic hardship by offering financial suggestions to stay afloat.
"Maybe find a smaller location, maybe reduce health care coverage, those types of things so that they could make it through this down turn," said Nelson.
Nelson says Texoma along with the rest of the state of Texas has been trending behind the curve, causing a delay on the impact.
"We probably got hit with a little bit later and so we're seeing some effects we're actually coming out of it now rather than what that story said of June 2009," said Nelson.
The Federal Government says the recession is over.
"If you're out there without a job and you're looking for a job the recession is not over," said Nelson.
Nelson does say he feels the economy in Texoma has had an upturn, but he says it is only a small improvement. He and the SBDC are still working with local Texoma businesses to keep their doors open.
According to the Texas Workforce Solution unemployment for August 2010 was down. It sits at 8% which is .2% less than it was in August 2009.