Mon December 30, 2013
The Texas Economy in 2014: Signs of a Slight Slowdown?
For the nation's economy, 2013 is a story of a continued comeback following a devastating recession.
And for Texas? Well, the story's slightly different.
Keith Phillips, analyst with the Dallas Federal Reserve Bank says there's no question 2013 was a good year for the Texas economy with growth in most sectors.
Phillips says the low cost of living, in addition to the low cost of doing business in Texas has helped the Lone Star State maintain a job growth rate a full percentage point higher than the national average in 2013. But the energy exploration boom that's been fueling an expansion of jobs, construction and exports appears to be tapering off.
Phillips tells KUT's David Brown that the overall improvement in the nation's economic picture could make it tougher for Texas's relatively healthy economy to compete. Add in the impact of a greater demand for services, thanks to population growth and the need for a greater investment in human resources (i.e., better education) and Texas' economic growth is "gonna slow a little bit" in 2014.
But Phillips quickly adds that "overall, it'll feel about the same as this year … which was pretty good."