The Houston Business-Cycle Index accelerated to a 5.1 percent growth rate in November, up from a revised 3.4 percent rate in October. Oil and gas industry fundamentals look healthy, although industry employment declined. Refining and plastics continue to perform well, and overall labor market conditions improved. Houston seems to have bounced back strongly from late summer softness for what’s shaping up to be a strong fourth quarter.
Houston payroll employment grew at an annual rate of 3 percent from October to November. Gains were particularly strong in the broad trade, transportation and utilities industries. Declines were again concentrated in financial activities, but construction and mining also fell. During the three months ending in November, employment grew at an annualized rate of 4.1 percent.
Read more...Houston Economic Update January 2014 via Dallas Fed