May 30, 2018
The San Antonio Business Cycle Index expanded at a 2.8% annualized rate in April 2018, representing an increase from the 2.2% growth in March. According to metrics from the Federal Reserve Bank of Dallas, the index was slightly below its long-term growth average of 3%, and was fueled by an unemployment rate of 3.4%.
Job growth softened somewhat, increasing at an 0.7% annualized rate over three months through April. The Dallas Fed pointed out mining continued as the fastest-growing industry, while manufacturing was also strong, adding 800 jobs over the three-month period.
Analysts also pointed out that “permits for new home construction were mostly flat in April,” with the home inventory at 3.3 months’ supply, below the six months that is considered a balanced market. On the positive side, home affordability increased in Q1 2018, with the median home price of $219,998 coming in below Texas and national figures.
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