The Austin economy continued to expand rapidly in July. The metro business-cycle index grew at a brisk pace, while job growth picked up after decelerating markedly in June. The unemployment rate ticked up slightly but remains indicative of a very tight labor market. With annualized job growth of 4.5 percent so far this year—more than triple the state rate—the overall Austin economy shows few signs of slowing even as labor constraints and the strong value of the dollar weigh down certain
The business-cycle index grew at a 9.8 percent annualized rate in July after reaching a postrecession peak of 10.2 percent in May. Growth so far this year has averaged 10 percent, outperforming 2014 growth by 0.6 percentage points. A small exposure to the oil and gas sector and a bright outlook for sectors such as high-tech, health care
and tourism suggest continued strength in the Austin economy in the second half of the year.
Read more...Austin Economic Indicators September 2015 via Dallas Fed