The Federal Reserve Bank of Dallas issued its Texas Economic Indicators Report today. Reports show that while the rest of the country struggles, Texas is showing labor market gains.
Here in Austin, that means that we could see a healthier job market than other parts of the county, Texas A&M economist Mark Dotzour told the Austin Real Estate Council at their annual economic forecast.
"It’s very possible we don’t have any job growth over the next 12 months going forward at the national level. But Austin will continue to steal market share from the rest of the country, and I’m guessing that job growth could be in Austin around 1.1 percent over the next 12 months," said Dotzour.
What types of jobs those might be is another question. Some of our local growth has been seen in the service and hospitality sectors, not always the best paying.
Job growth stalled in May but came back with a strong rebound in June. These indicators include not only employment levels but the housing market, energy activity, oil rig production and Texas exports, which are all on the rise.