The Texas economy continues to grow at a moderate pace. Job growth ticked up in October, and the September growth rate was revised up. The unemployment rate remained at a record low, indicating continued tightness in the labor market. The Texas Leading Index edged up, and firms responding to the Texas Business Outlook Surveys reported increases in capital expenditures on net. September existing-home sales were steady. Electricity generated in Texas perked up in August, though electricity generated from renewable resources slipped.
Texas employment grew an annualized 2.5 percent in October, following an upwardly revised 1.1 percent in September (Chart 1). North Texas job markets saw a weak month in October; both Dallas and Fort Worth shed jobs. Growth in Houston was similar to year-to-date growth, while all other major metros saw robust growth in October. San Antonio payrolls in particular surged, expanding an annualized 11.3 percent, while McAllen and Austin payrolls grew 7.9 percent and 6.2 percent, respectively.
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