By Nathan Bernier, KUT News
AUSTIN – A new forecast for the Texas economy says, overall, things will be good in 2013, but not quite as good as they were last year.
The Federal Reserve Bank of Dallas expects Texas to have more economic growth than most states this year and foresees employment growing by two or three percent. A lot of states would love to see that growth, but in Texas it would represent a slow-down.
Last year, employment growth was 3.1%. The Dallas Fed blames weak international demand, which delivers a blow to the state’s manufacturing sector, and lower natural gas prices, which have slowed some energy extraction in Texas. But the silver lining from an economic growth standpoint is housing. A limited supply of homes, coupled with historically low interest rates is fueling the construction industry in Texas. The Dallas Fed says that will almost offset the losses in manufacturing and energy.
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ECONOMIC REPORT (PDF FILE)
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