Texas Economy Grows at Moderate Pace via Dallas Fed

The Texas economy is expanding at a moderate pace, with employment growing at a 2 percent annual rate in July. While the housing, real estate and energy sectors are witnessing strong activity, exports were flat through the second quarter and retail sales remain sluggish. Uncertainty from the European debt crisis, the looming fiscal cliff and upcoming elections continues to weigh on business sentiment and poses the main downside risk the remainder of the year.

Texas Continues to Outpace U.S. in Job Growth
Payroll job growth was 2 percent in July, slower than the revised 2.4 percent in June (Chart 1). So far in 2012, total nonfarm jobs in Texas have grown at a 2.4 percent annual rate, almost the same pace as in the corresponding period in 2011.

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