Texas economy building momentum to start 2020

Growth in the Texas economy picked up at year-end 2019 and accelerated into January, according to the Federal Reserve Bank of Dallas’ latest Texas Economic Update.

“Overall, Texas remains strong with largely broad-based growth,” said Dallas Fed senior business economist Emily Kerr, in a video accompanying the release. “Our first look at January data come from the Dallas Fed Texas Business Outlook Surveys, which show moderate expansion in the manufacturing sector after some weakness late last year and continued solid expansion in the service sector.”

Kerr also pointed to strength in the Texas housing industry.

“Construction and real estate remain a bright spot in the Texas economy with home sales and construction activity pushing to even higher levels,” she said. “Housing demand is exceeding expectations in some areas thanks to low mortgage rates and solid job growth.”

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