Labor Shortages, Supply Chain Woes Slow Texas Recovery
Abstract: The Texas economy is on the path to a solid recovery, although the pace of growth has eased since March, recent data suggest. High-frequency indicators, such as initial unemployment claims, consumer spending, dining out and daily COVID-19 cases, show continuing improvement. Texas Business Outlook Surveys (TBOS) data for May point to slowing but still-solid expansion in manufacturing and continued robust growth in services. Supply-side complications, such as difficulty finding workers, widescale shortages of materials, long lead times and transportation issues, are restraining growth. Activity in the Texas residential real estate sector is red hot. Home sales remain elevated, and home prices continue to rise swiftly. Apartment rents and demand are also growing rapidly following some weakness in 2020.
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Provider: Federal Reserve Bank of Dallas
Source: Dallas Fed Economics
Publication Date: 2021-06-24