The Houston Business-Cycle index slowed to a 1.1 percent growth rate in August, down from a revised 3.6 percent rate in July. The slowdown in economic activity was centered in a decline in jobs. While energy-related activity and construction and real estate have slowed in recent months, they continue to be dominant forces in the region’s economy.
Houston payroll employment fell from July to August. Declines were led by financial activities and government, but construction and mining also fell. Offsetting some of this weakness, jobs grew in leisure and hospitality; trade, transportation and utilities; and professional and business services. During the three months ending in August, employment grew at an annualized rate of 0.7 percent, down from 1.1 percent in the prior three-month period ending in May.
Read more...Houston Economic Update October 2013 via Dallas Fed