The Federal Reserve Bank of Dallas’ new report, Texas Economic Indicators: December 2012, shows continued evidence of economic expansion within Texas. Texas added 22,900 jobs in October, lowering its unemployment rate in October to 6.6 percent, down from 6.8 percent in September and 1.3 percent below the national average of 7.9 percent.
The Dallas Fed also documents other indicators of economic growth in Texas. Texas home prices continue to rise, up 5.6 percent on the Federal Housing Finance Agency’s “house price index” from a year ago, and the number of construction permits for single family homes rose for the fourth straight month in October at a rate of 3.2 percent. Exports for the third quarter rose 0.1 percent over the second quarter, and stand 5 percent higher than a year ago.
Texas’s dropping unemployment rate, coupled with its rising rates of home construction, home prices, and the success of its producers show Texas’s allure. Increasingly, people are choosing Texas over other alternatives, and the state continues to draw businesses that are creating wealth and employment for Texas residents.
More than anything, the Dallas Fed’s report shows Texas is continuing down a path toward economic prosperity.
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