According to the Federal Reserve Bank of Dallas, Texas economic indicators continue to point to solid expansion. As all of us at Champions School of Real Estate guide our students through the second quarter of 2019, it’s important to look at how strong job growth and record-low unemployment indicate that Texas labor markets remain tight.
Key highlights affecting the real estate industry from this report include:
- Texas employment expanded an annualized 2.6 percent in April, following upwardly revised 2.5 percent growth in March. The state has added jobs at a 2.3 percent annualized rate year to date.
- April job growth was broad-based across Texas’ major metros, with only Fort Worth posting a decline. Year to date, McAllen has expanded payrolls the most rapidly, followed by Dallas.
- The Texas unemployment rate dipped to 3.7 percent in April, the same rate as the last five months of 2018 and the lowest rate in the four-decade history of the series.
- The five-month moving average of Texas building permits for single-family housing edged up 0.3 percent in March after several months of decline.
- This year through March, residential building permits expanded 8.1 percent in Austin and 4.5 percent in El Paso.
- For every 1,000 residents in July 2017, Texas added 13.4 new residents by July 2018. This figure includes 6.7 net births, 3.7 net international migrants and 2.9 net domestic migrants.
- Austin’s net domestic migration rate led the state’s major metros in the year. McAllen had the highest rate of natural increase (births minus deaths). Houston had the fastest net international migration rate.
Champions students staying on top of Texas real estate news will see how these economic indicators are consistene with TAMU Real Estate Center Chief Economist Dr. Jim Gaines’ forecast from our 2019 Texas Real Estate Industry Update held in January.
At Champions School of Real Estate we are always looking for opportunities to serve our students. Make sure to visit www.ChampionsSchool.com/Live to see our upcoming FREE live broadcast events!
Source: Federal Reserve Bank of Dallas