The Texas economy has grown at a faster pace, according to recent data. Job growth picked up in April, and unemployment fell to a new five-year low. Housing permits, starts and existing-home sales rose in April. Thus far in the second quarter, Texas Business Outlook Survey (TBOS) results are improved over first-quarter averages, suggesting that manufacturing and services activity is picking up. On the negative side, manufacturing and government employment growth are flat year to date. Wage pressures continue as labor shortages persist, even for unskilled labor. However, employment growth for the full year is projected to outpace 2013.
Read more...Regional Growth Accelerates in the Spring - Dallas Fed
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