The Houston Business-Cycle Index growth rate slowed to 6 percent in November from 7.4 percent in October. The oil and gas industry posted solid job gains in November, and refining and plastics continued to perform well. Lower oil prices and declines in drilling activity will likely take considerable steam out of the region’s economic engine in coming months. While prospects for the Houston region are more uncertain, the outlook is for positive, though weaker, growth.
Houston payroll employment grew at an annualized rate of 3.9 percent from October to November. Gains were particularly strong in leisure and hospitality and in construction and mining. Financial activities and manufacturing saw declines, as did trade, transportation and utilities. Annualized, Houston employment grew 4 percent in the first 11 months of 2014. Growth was faster in only six other years dating back to 1990.
Read more...Houston Economic Indicators January 2015 via Dallas Fed
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