The state is likely to see a moderation of growth rather than a reversal of fortunes...
The Texas economy, which expanded at solid pace in recent months, is expected to slow through the second half of the year amid the nation’s weakening economic outlook.lays out the picture: the nation’s economic recovery from the COVID-19 pandemic is continuing, and Texas is recovering at a faster clip than the nation as a whole.
In a survey of 366 Texas business executives conducted in June, Assanie said, half cited supply chain disruptions as a primary factor constraining their firm’s revenue, and 41 percent pointed to labor shortages as a key issue. Those numbers are consistent with survey results from earlier this year. Employment in the state grew at an annualized rate of 6.2 percent in May, double the national rate. The unemployment rate stood at 4.2 percent in May, higher than the national rate of 3.6 percent, but reflecting growth in the state’s labor force.The scorching-hot housing market is finally cooling off in the state’s major metropolitan areas, including Houston,, according to the Dallas Fed.
Roughly half of Harris County renters are “cost-burdened,” meaning that they spend more than 30 percent of their income on housing. That’s an issue with implications for the entire regional economy, the report noted.
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