Houston economy accelerates with strong job growth

Houston's economy has exceeded its normal pace in the past three months, especially in the last three months, due to stronger job growth, especially in manufacturing and business professional services.

The Houston economic trend has been positive for three months by the end of March, and the Dallas Federal Reserve recently analyzed better economic indicators such as employment growth and oil, according to the Houston Business Cycle Index, indicating better growth than the average. . Fuel price. However, this data is mixed with recent census data showing permission for single-family home units and the slowdown of people moving to Houston.

The business cycle index, representing Houston's economic growth rate, was up 4.9 percent for the three months ending in March. This is much higher than the 2.9{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} posted between December and February, surpassing the economy's average rate of 3.5{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5}.

Jesse Thompson, senior business economist at Dallas Fed, said, “The speed of the local economy has accelerated.

The business cycle index is still well below the 6{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} growth rate over the three months ending in October, while oil prices reach about $ 76 a barrel, and economic indicators predict more job growth in the Houston economy over the next six months, according to Dallas Fed, The economic outlook for the region is called “usually positive”.

The manufacturing, business and professional services industries have had the most jobs in the last three months. Houston has added about 4,800 jobs to its manufacturing sector and about 7,000 jobs to professional and business services jobs. Meanwhile, the construction industry has lost more than 3,000 jobs, especially in the last three months.

Who will fill the job?

According to census data analyzed by Dallas Fed, 2018 is more people leaving Houston, while local economies continue to add more positions. And 2018 was the third straight year in which Houston's total population growth slowed. Thompson wrote that hurricane hobby and oil explosions could lead to a decline in domestic migration or population growth that does not include births and deaths in the United States.

Apartment vacancy rates rose to 7.2{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} in the fourth quarter of 2018, due to the recovery of hurricane harveys when people returned home after displaced into temporary housing.

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