May 9, 2019
The Austin Business-Cycle Index grew at an annualized rate of 4.7% in March 2019, according to data released by the Federal Reserve Bank of Dallas. The metric represents the ninth consecutive month in which the index’s growth was below its long-term average of 6%.
While Austin’s unemployment rate fell to 2.7% during the same period (the lowest reading since December 2000), job growth slowed to an annualized rate of 1.5% for Q1 2019. Also slowing were wages, which declined for a second consecutive month in March.
On the housing side, Dallas Fed analysts report that, the median home price in the metro has weakened slightly in recent months, though was up slightly in March. Sales volume increased from 8.601 units in Q4 2018 to 9,028 units in the first quarter of 2019. The five-month moving average for total construction permits (single- and multifamily) increased 12.7%, month over month.
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