Houston Economic Update May 2013 via FRB of Dallas

The Houston Business-Cycle Index slowed to an annual growth rate of 1.8 percent in March from a revised 13.9 percent in February. This implies a deceleration in economic activity in the region, though the index advanced 7.1 percent over the first quarter. While energy-related activities continue to drive the region’s performance, activity is broadening across other industries. The U.S. fiscal and regulatory situations cloud the horizon, but fundamentals in many area industries remain sound.

Total Houston payroll employment was unchanged in March on a seasonally adjusted basis. However, major industry categories varied considerably. Financial activities had a strong reading, with employment up an annualized 6.8 percent in March, whereas leisure and hospitality registered a 7.3 percent decline. Services were mixed in March as professional and business services contracted and health and other services expanded.

Read more...Houston Economic Update May 2013 via FRB of Dallas