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Texas U.S.
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Houston Austin
Dallas San Antonio
AUGUST 2011
SummaryTexas job growth bounced back strongly in June after stalling in May. Texas housing market indicators showed
improvement, as housing starts and home sales increased in June. Energy activity in Texas continued to rise, with
the rig count moving up in July. Texas manufacturing expanded at a faster pace in July; the Texas Manufacturing
Outlook Survey’s production index rose from 5.6 to 10.8.
Housing starts in Texas rose 31.9 percent in
June after falling 18.8 percent in May.Starts were up 14 percent from last year.
Texas single-family housing permits edged
down 2.9 percent in June. The June permit
level was 2 percent lower than the previous
year.
Texas existing-home sales rose 3.7 percent
from May to June. The supply of housing
inventory remained at 7.9 months in June.
Texas Housing Starts
Texas gained 30,100 jobs in June after losing
600 in May. Current Texas employment stands
at 10.55 million.
The Texas unemployment rate was 8.2 percent
in June, up from 8.0 percent in May. The Texas
rate remains below the U.S. rate, which edged
up to 9.2 percent in June.
Real 2000 dollars (millions)
Percent annual growth rate
Monthly real Texas exports fell 1.6 percent
in May after rising 4.7 percent in April. The
May level of real exports was 16 percent
higher than a year earlier.
Economic IndicatorsTexas
Real Texas Exports
Employment
Annual starts (thousands)
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70
90
110
130
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170
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Index
West Texas Intermediate crude oil prices ticked up 0.9 percent to $97.19 per barrel in July. The price was up 27
percent year-over-year.
Natural gas prices edged down to $4.42 per million Btu in July, down 2.4 percent from June. The price was 4
percent lower than in July 2010.
The rig count for Texas increased by 19 rigs to 858 in July. The rig count was up 27 percent from a year earlier.
Texas factory activity expanded in July, accord-
ing to the Texas Manufacturing Outlook
Survey. The production index, a key measure
of state manufacturing conditions, rose from
5.6 to 10.8, suggesting output growth picked
up in July.
The Federal Reserve Bank of Dallas conducts
the monthly Texas Manufacturing OutlookSurvey to obtain a timely assessment of the
state’s factory activity.
The Dallas Fed’s Texas
Leading Index, which uses
key economic indicators to
forecast future economic
activity, rose 1.8 percent
from March through May.
Production Index - Texas Manufacturing
Note: Data may not match previously published numbers due to data revisions.
Sources: Employment: Bureau of Labor Statistics; Texas Workforce Commission; seasonal and other adjustments by Federal Reserve Bank of Dallas.
Housing: FHFA; Multiple Listing Service; U.S. Census Bureau; Bank of Tokyo-Mitsubishi UFJ. All housing data are seasonally adjusted.
Exports: U.S. Census Bureau; World Institute for Strategic Economic Research; seasonal and other adjustments by Federal Reserve Bank of Dallas.
Energy: Wall Street Journal ; Henry Hub; Baker Hughes.
Texas Leading Index: Federal Reserve Bank of Dallas.
Texas Manufacturing Production Index: Federal Reserve Bank of Dallas. Data are seasonally adjusted.
Questions can be addressed to Emily Kerr at [email protected]. Texas Economic Indicators is released on the first Wednesday of every month and
can be found online at www.dallasfed.org/research/indicators/index.cfm.
Active rigs$/barrel Crude Oil Prices Natural Gas Prices Texas Rig Count
Texas Leading Index Components
Three-month percent change
$/million Btu
