FRB Dallas: Houston Economic Update – June 2012
The Houston economy is showing signs of a shift from recovery into expansion according to the most recent economic update from the Federal Reserve Bank of Dallas. The annualized monthly economic growth for the Houston area was 9.9% as measured by the Dallas Fed’s business-cycle index.
Oil prices in excess of $80 per barrel and low natural gas prices are fueling economic activity in the area which is offsetting concerns with the global economy. The Metropolitan Houston labor market posted annualized monthly and three-month-average growth rate of 6.2 percent and 3.3 percent, respectively, while both monthly and year-over-year employment growth rates have averaged about 3 percent for the last six months, according to the FRB Dallas report.