January 15, 2019
The Austin Business-Cycle Index expanded at a 7.4% annualized rate in November 2018, above the long-run average of 6%. The Federal Reserve Bank of Dallas reported that employment expanded at an annualized rate of 4.2% from August-November 2018, even as performance by sector was mixed.
Health and education services led the growth with an annualized rate of 18%, while professional and business services and leisure and hospitality contracted slightly. Unemployment was 2.8%, below the state and national rates.
Total home construction decreased by 11.5% in October 2018, while housing affordability increased to 54.5% in Q3 2018. Austin’s median home price in November was $308,513, above Texas and U.S. figures. Home inventories were at 2.8 months’ supply.
For comments, questions or concerns, please contact Amy Sorter