The new president of the Federal Reserve Bank of Dallas, Robert Steven Kaplan, has declared Texas’s economy critical to the growth of the United States.
The Dallas Fed’s research director, Mine Yücel, described Texas’s economy as two-pronged. On one hand, the goods-producing industries (oil, manufacturing, etc.) have seen a downturn and reduction, whereas the service-providing industries, such as restaurants, have continued to grow.
The energy industry has lost 32,400 jobs this year and the manufacturing industry has lost 28,100. The service sector has added 147,600 jobs so far this year. Restaurants and bars alone have added 36,900 jobs.
With major companies moving to metropolitan areas across the state, the Texas housing market also continues to grow. However, so do the prices. And in addition to the question of affordability, there is also that of shortage, particularly in the Dallas area.