Texas job growth sees slight slowdown
DALLAS – Texas employment will grow 2.3 percent this year, according to the Texas Employment Forecast by the Federal Reserve Bank of Dallas.
Based on the forecast, the state will add 288,000 jobs this year. Employment in December 2019 will reach 12.9 million.
This prediction comes after incorporating August 2019’s annualized employment growth of 1.8 percent and a slight increase in the leading index.
“After two consecutive months of strong growth, Texas jobs decelerated in August,” said Keith R. Phillips, Dallas Fed assistant vice president and senior economist.
According to Phillips, overall economic outlook was pessimistic among heightened trade and political uncertainty.
Another factor affecting the change in the forecast from last month was the benchmark revision for the first quarter of the year, which resulted in a downward revision of job growth from 2.2 to 1.3 percent. With job growth so far this year not as strong as previously estimated, this lowered the forecast for the year.
Get more Texas employment news on the Real Estate Center’s website:
Source: Federal Reserve Bank of Dallas
You might also like
TG Magazine
Check out the latest issue of our flagship publication.