November 7, 2018 Comments Off on Strong Job Growth Increases Business-Cycle Index Views: 453 Austin, Texas News

Strong Job Growth Increases Business-Cycle Index

Austin employment growth increased at an annualized rate of 3.9% over three months through September 2018, sparking a growth in the metro’s Business-Cycle Index. To that end, the index expanded at a 7.5% annualized rate in September, above the long-term average of 6%, according to the Federal Reserve Bank of Dallas. In addition to consistent job growth, the area’s unemployment rate remained at 2.9%, unchanged from the August 2018 figure.

Dallas Fed analysts did acknowledge that new-home permits fell in September, with construction permits contracting 7.3%. Relative to the first nine months of 2017, the number of permits issued within the same time frame in 2018 stood at 14.4%. Home sales growth expanded by 3.2% year-over-year.

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