Texas Economy slowed down in 2016
, manufacturing, mining ( oil) and construction biggest declines.
Energy Sector downturns mostly over, not a major negative in 2017.
Texas population growth
continues
, +430K+ in 2016.
o
DFW added 143,400 in 2016. 392 people a day.
o
Houston added 56,000 in 2016. 153 a day.
o
Austin added 58,301 in 2016. 160 a day
o
San Antonio added 51,586 in 2016. 141 a day.
Milder Job growth in Texas
- Texas employment grew 1.4 percent in 2016. This compared with 1.3 percent growth in 2015 but was below the national average for a second consecutive year following 13 years of stronger growth. U.S. job expansion was 1.9 percent in 2015 and 1.6 percent in 2016.
Slower job growth in Austin
- Economic indicators in Austin have been quite modest in recent months. Jobs declined in May 2017 even while they grew moderately in the state and the U.S. However, the area jobless rate remains at 3.3 percent, a percentage point below the nation, ranking Austin among the 10 metro areas nationwide with the lowest unemployment rates. Retail sales declined sharply in fourth quarter 2016, the most recent data available. The softness in Austin was attributable more to recent sluggishness in job growth than weakness in per-worker wage growth, which was more robust.
Information courtesy of Independence Title.
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