“The Texas economy is firing on all cylinders going into 2018,” said Dallas Fed economists. Employment growth is expected to increase to 3% from 2.5% in 2017, according to the Fed’s latest forecasts. This equates to approximately 366,000 new jobs in 2018, up from 305,900 jobs in 2017. A rebound in the energy and manufacturing industries is powering the job growth across Texas. These are great signs for real estate investors in Texas as more job growth will lead to more demand for housing.
The major metro areas of Dallas and Austin saw the strongest job gains in 2017, followed by San Antonio and Houston. Overall, the state’s unemployment rate fell to 3.8%, the lowest since 1976. The low unemployment rate could result in higher wages and a further boost to the economy. The Fed cited some risk factors to watch out for. Decreasing oil prices or policy changes that disrupt trade could slow growth. But if these positive job trends continue, 2018 will be another great year for Texas.