Dallas Fed Economics: Texas economic activity springs ahead as growth strengthens

State & Regional

(Photo provided by the Federal Reserve Bank of Dallas)

DALLAS (NEWS RELEASE) — The following is a news release from the Federal Reserve Bank of Dallas:

Texas economic accelerated sharply, with fiscal stimulus, greater mobility and increasing COVID-19 vaccinations driving the improving outlook,  according to the Federal Reserve Bank of Dallas’ latest Texas Economic Update.

“Texas employment rebounded sharply in March, and new jobless claims have seen steep declines,” said Dallas Fed Senior Economist Anil Kumar in a video accompanying the report. “Despite strong job growth, the state unemployment rate was unchanged at 6.9 percent in March, which is higher than the national rate, and improvements in joblessness across demographic groups have been fairly uneven.”

State home prices have surged, in part due to severe housing supply constraints, exacerbated by a run-up in construction costs and an acute shortage of vacant and developed lots, according to the report.

“Driven by still relatively low mortgage rates and a strong demand for suburban homes, the housing market remains extremely tight with historically low inventory levels and marked acceleration in house price growth,” Kumar said.

(News release from the Federal Reserve Bank of Dallas)

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