Abstract
Economists were correct in predicting that New England's economic decline, which began in 1988, would be similar to the economic troubles experienced by Texas. The Texas and New England economies are dissimilar because Texas has a predominant oil industry while New England has none. The two states, however, experienced parallel economic conditions. The construction and real estate industries suffered significant contraction, adversely affecting other state industries. In the case of New England, these sectors were the manufacturing, mining, fisheries and agriculture industries.