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April 18, 2017 Comments Off on Four Takeaways from the Texas February Economic Outlook Views: 464 Texas News, Top Texas Stories

Four Takeaways from the Texas February Economic Outlook

The Real Estate Center of Texas A&M University released its February 2017 outlook for the Texas economy. Following are takeaways from the report.

  • Energy. The energy sector performed well, with oil prices increasing and stimulating production. West Texas Intermediate crude oil prices averaged $53.47 per barrel in February 2017, a 79.1% year-over-year increase.
  • Employment. Though Texas wages continued lagging inflation (reducing consumer purchasing power), consumers remained optimistic concerning future economic conditions. Additionally, nonfarm employment added only 6,700 jobs, but the labor force participation rate for the state ticked up to 63.8%.
  • Housing. Demand was steady, with the average number of days on the market remaining at 57. Sales, however, declined because of tight supply, with the statewide months of inventory falling to 3.5, the lowest since May 2013.
  • Exports. Export growth decelerated by 5.6% from January 2017, but reported a year-over-year growth of 9.2%. Exports, overall, remained stable in both Texas and the United States, despite exchange rate and currency market obstacles.

 

Read More at Real Estate Center


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