Yes, in a backup that is made by iTunes. However, this backup only contains everything (including texts) up to the last time you synced to your computer - if you got the text after you last synced with iTunes then you're out of luck.
If you know this text will be in the backup, connect to iTunes and IMMEDIATELY 'slide to cancel' as soon as the sync starts - otherwise it will make a new backup, replacing the old one and thus removing the text you want. Now, hit 'restore' in iTunes, and once that's done select to restore from backup. Providing the text you want was in the backup, it will now be on your phone again.
The only catch is, any texts you got after that backup was made will not be restored (as it does not merge backups, it merely makes a new one based off of what is currently on your phone).