July 9, 2018
Houston continues to shake off its economic slump from “low oil.” According to a recent report from the Federal Reserve Bank of Dallas, the Houston Business Cycle growth stood at 6.2% in the three months ending in May 2018, which is above the longer-run average of 3.2%.
“The index has been growing at an accelerated rate since November 2017, due to the effects of a growing energy industry, a post-Hurricane Harvey boost, broader global economic strength and continued growth in the U.S. economy,” Fed analysts noted.
The Fed went on to say that an index of 11 leading indicators for Houston has accelerated. These included:
- An annualized job growth rate of 4% over a three-month period ending in May 2018
- Continued increase in oil prices, with West Texas Intermediate crude averaging $70 per barrel
- An increase in energy-related exports
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