Texas Sees Moderate Economic Growth In 2011

Good news for Austin Real Estate, because according to the lastest Beige Book report by the Federal Reserve Bank of Dallas, In the first month and a half of 2011, Texas has seen a moderate growth in it’s economy. The growth has been fueled by the continuted strength in the energy sector, which has led to an upward swing in demand for staffing services. The report, which was released yesterday, claimed the manufacturing and non-financial services sectors, in general, saw growth, and that commercial real estate markets have improved a slight amount. However, the housing market has remained a little slower, and the severe weather we had last month did lessen the retail sector that had remained relatively similar, if not slightly improved.

The labor sector has shown a slightly better picture. Some of the companies in accounting, sales, legal services and energy services have announced they would be expanding their payrolls in 2011. Wage pressures were not high, with exceptions coming in some of the higher skilled positions.

As stated by the Dallas Fed, the energy sector has maintained strong drilling activity, and that it has shifted away from natural gas and is now leaning toward oil drilling. It is said that unconventional shale plays are a more imposing factor driving U.S. activity. The rig count in the Gulf of Mexico has seen an increase during the reported time frame.

Transportation companies that are shipping goods and materials through multople means have reported a decline in cargo columes that is in part to weaker international demand. Small parcel shipments as well as railroad shipments and contariner trade volume have seen growth as well.