The Houston Business-Cycle Index has been volatile the past few months, but recent data suggest acceleration in economic activity from earlier in the year. The index grew at a strong annualized pace of 9 percent in September before slowing in October to 4.5 percent. With an active construction market and a healthy energy industry, Houston-area fundamentals remain robust heading into the end of the year.
Houston payroll employment grew at an annualized pace of 3 percent in October and 2.2 percent over the three months ending in October. Other services (which includes businesses as varied as auto repair shops and pet hotels), and construction and mining were the fastest-growing industries in October. Financial activities dropped sharply. Manufacturing employment, which had virtually ground to a halt over the summer, grew at an annualized pace of 7.6 percent in September and 6.6 percent in October, the fastest rates of the year.
Read more...Houston Economic Update December 2013 via Dallas Fed