Texas Economic Outlook
Posted by Regent Property Group on Monday, April 30th, 2018 at 3:05pm. 496 Views
The Texas economy continues to be strong, according to the Outlook for the Texas Economy Report by the Real Estate Center at Texas A&M University. A strong United States economy and stable energy prices were the predominant factors cited in the report. Texas produces 39 percent of national crude oil and accounts for 84 percent of its exports. Here are a few of the key findings in the April 2018 report:
For the Dallas Fed’s Business-Cycle Index, the Texas Urban Triangle was led by Austin, with an 8.5 percent metropolitan business cycle index. Dallas and San Antonio came in at 3.6 percent and 3.7 percent, respectively. Houston declined but still hit 5.9 percent.
The Texas Consumer Confidence Index reached a record high, with an increase of two percent, due to tax cuts and employment opportunities, according to the report.
Texas has added more than 70,000 jobs in 2018 thus far, with a 20-month positive streak. Austin experienced growth of 55,000 jobs for the 2017 calculations, for an increase of 2.7 percent. It was Austin’s eighth straight year as the fastest growing large MSA. Austin added 4,100 jobs in February 2018, due to expansion in education and health services, extending a five-month stretch of job gains. Texas added 40,500 nonfarm jobs in total in February 2018, for 20 consecutive months of employment growth. Texas unemployment was at four percent, with Austin at 2.9 percent.
Texas housing sales were down 0.9 percent, due to a shortage of homes priced less than $300,000, according to the report. The Residential Construction Cycle Index experienced a small gain. However, weighted building permits and housing starts experienced a monthly slowdown, which signals “supply-side challenges” for the remainder of 2018.
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