Houston Economic Update – March 2012
The annualized monthly growth in economic activity in the Houston metropolitan area was 12.3 percent in January, as measured by the Federal Reserve Bank of Dallas’ business-cycle index. It was driven largely by out-sized increases in employment. Energy continues to lead the way for Houston as emerging economies drive global growth and the U.S. economy steadfastly slogs its way toward expansion. While debt woes in Europe and overheating in emerging economies remain sources of some worry, the outlook for Houston remains positive.
Total seasonally adjusted nonfarm payroll employment climbed to more than 2.64 million jobs in January, an annualized monthly growth rate of 8.5 percent. This remarkably high growth brought the three-month average rate up to 4 percent.