News

Texas Economy Expected to Cool Down as Job Growth from Harvey Fades

Jobs are still expected to grow above average this year

Texas exports are at record highs but trade frictions weigh on sentiment and outlooks

Texas ranks first in the country for job growth so far this year. But that’s not how the state may end 2018.

Laila Assanie, senior business economist with the Federal Reserve Bank of Dallas, said wage pressure caused by a historically tight labor market and slower export growth will likely cool down the state’s economy.

“Additionally, Houston’s growth – which makes up 25 percent of the state’s employment – will likely cool in the second half as Hurricane Harvey-induced activity dissipates,” Assanie said.

After Harvey, construction as well as retail and restaurants experienced strong job growth. That gave Houston’s economy a big boost.

Despite the expected slower growth in the second half of this year, Assanie said jobs in Texas will still grow by more than average.

Share

Florian Martin

Florian Martin

Business Reporter

Florian Martin is currently the News 88.7 business reporter. Florian’s stories can frequently be heard on other public radio stations throughout Texas and on NPR nationwide. Some of them have earned him awards from Texas AP Broadcasters and the Houston Press Club. Florian is a native of Germany. His studies...

More Information