Recent changes in the Houston Business-Cycle Index suggest acceleration in economic activity from earlier in the year. The index increased from a revised June growth rate of 1.5 percent to 6 percent in July. Strong activity in the energy industry continues to spur growth in affected areas of the Houston economy. Overall, Houston-area fundamentals remain healthy.
Houston payroll employment grew at an annualized pace of 3.2 percent in July and 1.6 percent over the three months ending in July. Construction and mining and financial activities were the main industries contributing to job growth. Information grew a blistering 30 percent, but it is a small industry. Manufacturing employment, which has been declining since March, contracted 2.4 percent from June to July.
Read more...Houston Economic Update September 2013 via Dallas Fed