Friday, February 29, 2008
Texas Fed report says Texas economy strong in 2007, slowing in 2008
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Photo not provided by the Dallas Fed
The average Texan was not able to read the report on account of his tremendous wealth
DALLAS — Texas did surprisingly well economically in 2007, particularly in contrast to the U.S. as a whole, a recent report from the Dallas Fed states. The report listed Texas' strengths in 2007, including employment, construction, home prices and exports. While the median income of Texans may be below the national average, the comparatively low housing prices offsets that, and has insured that most of Texas has not fallen victim to the same boom-and-bust extremities plaguing the rest of the country.
Buried at the end of the report, however, is a warning that Texas' economy in the fourth quarter weakened considerably, and the outlook for 2008 is not great. Texas should continue to outperform the rest of the nation, but growth in employment, capital spending and construction will not be as strong as they were in 2007.
You can read the full report here.
Posted by Todd M.
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