NORTH TEXAS ECONOMY Emily Kerr October 19, 217 The views expressed are of the speaker and should not be attributed to the Dallas Fed or the Federal Reserve System.
North Texas Overview Home to over 7.2 million people, DFW is the largest MSA in TX and fourth largest in U.S. DFW has a diverse industry composition, with Dallas a business and financial services hub, and transportation-related sectors thriving in Fort Worth Attractive to businesses and currently home to 23 Fortune 5 companies
DFW Job Growth Cools in 217 Job growth (annualized percent change) 5 4 3 2 1-1 -2-3 -4-5 Texas DFW 2 22 24 26 28 21 212 214 216 NOTE: Data for 217 is year to date through August. SOURCES: Bureau of Labor Statistics; Texas Workforce Commission; seasonal and other adjustments by FRB Dallas.
DFW Lags Other Metros this Year Job growth (annualized percent change) 5 215 216 217 YTD 4 3 2 1-1 San Antonio Houston El Paso Austin DFW NOTE: Data for 217 is year to date through August. SOURCES: Bureau of Labor Statistics; Texas Workforce Commission; seasonal and other adjustments by FRB Dallas.
DFW Has Diverse Industry Mix Percentage points deviation from state industry share 2 1-1 -2-3 Fin. Act. Prof. & Bus. Serv. Trade, Transp. & Util. Mfg. Leisure & Hosp. Constr. & Mining Educ. & Health Serv. Gov. NOTES: State industry share calculated from major metro aggregation. Data refer to August 217. SOURCES: Bureau of Labor Statistics; Texas Workforce Commission; seasonal and other adjustment by FRB Dallas.
Most Sectors Adding Jobs in DFW Job growth (annualized percent change) Total 1.2 Trade, transp. & util. (21.3%) -.5 Prof. & bus. serv. (16.5%) 1.2 Educ. & health serv. (12.3%) 1.5 Government (12%) 1.1 Leisure & hosp. (1.5%) 1.7 Financial activities (8%) 1. Manufacturing (7.6%) 3.6 Construction & mining (5.9%) 3.2-1 1 2 3 4 NOTES: Data through August 217. Numbers in parentheses are share of state employment accounted for by each sector. SOURCES: Bureau of Labor Statistics; Texas Workforce Commission; seasonal and other adjustments by FRB Dallas.
Continued In-Migration to DFW Net migration 1, 9, 8, 7, 6, 5, 4, 3, 2, 1, -1, DFW Houston Austin San Antonio El Paso NOTE: Data are for July 215 to July 216. SOURCE: U.S. Census Bureau, Population Division.
DFW Labor Market Very Tight Unemployment rate (percent) 9 8 7 6 5 4 3 2 1 Texas DFW 4.2 4.1 2 22 24 26 28 21 212 214 216 NOTE: Data through August 217. SOURCES: Bureau of Labor Statistics; Texas Workforce Commission; seasonal and other adjustments by FRB Dallas.
Home Sales Stagnate, Supply Tight Index, Jan. 211 = 1, 5MMA, SA 2 18 16 14 12 1 8 6 4 2 Months in inventory Fort Worth sales Dallas sales Dallas inventory Fort Worth inventory 211 212 213 214 215 216 217 NOTE: Data through August 217. SOURCES: Multiple Listing Service; Texas A&M Real Estate Center; seasonal and other adjustments by FRB Dallas. 9 8 7 6 5 4 3 2 1
Home Price Appreciation Robust Index, Jan. 26 = 1, 5MMA, SA, real $ 15 14 13 12 11 Metro August Price Y/Y % change Fort Worth $219,931 1.5 Dallas $279,79 7.8 San Antonio $21,99 1.8 Houston $228,666 1.7 Austin $293,92 1.7 Dallas Texas Fort Worth 1 9 8 26 27 28 29 21 211 212 213 214 215 216 217 NOTES: Data through August 217. SOURCES: Multiple Listing Service; Texas A&M Real Estate Center; seasonal and other adjustments by FRB Dallas.
Multifamily Construction Elevated Index, Jan. 26 = 1, 5MMA, SA 45 4 Multifamily permits 35 3 25 2 15 1 Single-family permits 5 26 27 28 29 21 211 212 213 214 215 216 217 NOTE: Data through August 217. SOURCE: U.S. Census Bureau.
Positive Outlook for North Texas Job growth is modest and below last year s strong pace; also below the state growth rate This is likely due to continued tightness in labor markets rather than an underlying weakness in the local economy Goods-providing sectors are driving job gains, with construction activity remaining elevated in North TX Growth in DFW expected to continue
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