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Dec 19, 2022 · Texas builders and developers have faced similar supply constraints as the rest of the economy over the last few years. This has led to a backlog of under-construction homes that will continue to come to market. Existing-home sales will likely be lower in 2023 than they were in 2022.
Dec 21, 2023 · The Dallas Fed’s 2023 Texas Employment Forecast fell from 3.3 percent to 3.2 percent (December to December). Economic activity contracted slightly in November. Manufacturing production and service sector revenue declined in November, according to the TBOS surveys.
Dec 26, 2023 · The initiative will involve entities in other parts of the state, and has the potential to serve as a catalyst to spark growth in a key emerging segment of the economy. Texas Outlook. The Texas economy is projected to expand at a pace notably faster than the nation as a whole over the long-term forecast horizon (through 2050).
With two of the most heavily trafficked business hubs in the world in Dallas-Fort Worth and Houston, Texas reaches every part of the global economy. As the leading exporting state, over 39,000 Texan companies and over 3.6 million Texan workers support exports. In 2023, Texas shipped more than $444 billion worth of goods to overseas markets.
- Employment Growth Accelerates in May
- Abating Price Pressures Noted
- Wage Growth Slowing But Still Elevated
- Expected 2023 Price, Wage Growth Revised Lower in May
- Fed Interest Rate Policy May Weigh on Texas Growth
Job growth strengthened in May as the Texas economy added 41,000 jobs—a 3.6 percent annual growth rate, which exceeded the 2.6 percent U.S. rate. April job gains were revised down to 2.5 percent from 2.8 percent. Employment within manufacturing and leisure and hospitality contracted in May, while every other sector expanded. With the job growth acc...
Price pressures remained elevated, though there has been a deceleration during the past year, TBOS respondents said (Chart 2). Downloadable chart | Chart data Price pressures in manufacturing have declined faster than in services, due in part to slowing demand, firms clearing out backlogs and input costs leveling out as supply chains normalize. The...
TBOS measures of wage inflation remained above their historical averages in May, although they declined substantially since peaking a little over a year ago (Chart 3). Downloadable chart | Chart data Manufacturing firms reported greater wage pressures than service sector firms despite flat production in recent months. Manufacturing contacts noted d...
Texas companies expect price pressures to moderate further through year-end. In May, TBOS respondents revised their expectations lower for price and wage growth relative to what they reported in December 2022 (Chart 4). Downloadable chart | Chart data Firms anticipated a 4.7 percent increase in input prices, a 5.3 percent increase in wages and a 3....
The Federal Reserve’s actions to curb inflation through interest rate increases are expected to contribute to slower economic growth, though Texas will likely continue to outperform the nation. The state’s faster pace reflects historically greater economic growth and labor force expansion. Additionally, the state’s labor markets are more efficient,...
May 12, 2023 · The global economy remains under pressure from a variety of issues. The World Economic Forum’s latest Chief Economists Outlook finds that economists are divided on the chances of a global recession in 2023. During the Forum's Growth Summit, which took place on 2-3 May 2023, leading economists explored the state of the global economy.
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Dec 16, 2022 · Three experts explore how the global economy will look in 2023. Though they agree there’s a chance inflation eases, there are major risks and it will take a long while before inflation gets down ...
