Houston employment grew 2.4 percent in the three months ending in May—slower growth than both the state’s and the nation’s. Houston’s construction sector has not rebounded to prepandemic levels and lags Texas and the U.S. In fact, construction experienced steep employment declines though May in the metro after mortgage rates climbed, home sales dropped, and construction permits slumped. Home-price pressures moderated, and first-quarter vacancies in commercial buildings remained elevated.
Read more...Houston Economic Indicators June 2023 via Dallas Fed
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