Texas Sees Broad-Based Economic Improvement

A study from the Federal Reserve Bank of Dallas shows that the Texas economy continues to grow at a stable pace. The unemployment rate has stabilized below the U.S. rate, as payroll employment growth has rebounded with a growth of 3.6 and 4.1 percent in the past two months.

Ample employment expansion has occured in all of Texas's major metro areas with the strongest growth occuring in El Paso, Houston and Dallas-Fort Worth. Manufacturing and service-sector employment have seen rapid growth with almost 11 and 6 percent increases in the past two months. Construction employment also rose 19 percent in the last two months, in stark contrast with a decline throughout all last year. Texas housing starts have grown remarkably in the first quarter and construction contract values show that building activity is in the process of recovering.

Natural resource and mining payroll employment continued their trend of ascension, increasing at rates of 21 and 38 percent in the last two months. Well permit applications and the rig count continue to expand. Texas exports rose almost 4 percent in the past two months. Retail sales also grew by almost 8 percent in March alone.

Texas continues its economic expansion and recovery with many hopeful signs present in the manufacturing, construction, energy and retail sectors.

For the report, please visit: http://www.dallasfed.org/research/update-reg/2010/1004.cfm

July 2, 2010

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