DALLAS — The Texas economy received a vote of confidence Thursday in a special report from Standard & Poor’s, despite a growing budget shortfall in the coming year.

“Over the past 20 years, Texas has seen a demographic and economic transformation that, in our opinion, has placed the Lone Star State among the few that can claim to have escaped, relatively unscathed, what many believe has been the worst economic recession since the Great Depression,” analyst Horacio Aldrete-Sanchez wrote. “We believe that Texas’ policy choices following periods of economic distress have helped set the stage for its current strong credit profile.”

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