Growth in the Texas economy picked up in the past six weeks. Job growth strengthened to a 3.1 percent annual rate in September, and the unemployment rate ticked down to 6.8 percent from 7.1 in August. Construction and housing indicators suggest that real estate activity remained strong in September. The energy sector continues to be robust despite recent declines in the rig count, and exports ticked up in August. Political and fiscal uncertainties persist and pose the most significant challenges to stronger growth in the fourth quarter.
Texas Job Growth Gains Momentum
With total nonfarm employment growing at a 3.1 percent clip, the Texas economy added 27,800 jobs in September. Quarterly job growth for Texas and the U.S. suggests that after a significant slowdown in the second quarter, growth picked up in the third quarter (Chart 1).
Read more...Texas Growth Picks Up - Dallas Fed
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