Austin Economic Indicators Continue Showing Expansion

The Federal Reserve Bank of Dallas’ Austin economic indicators showed continued robust expansion in October 2017. The Austin Business-Cycle Index grew at a 7.3% annualized pace, above its 6% long-term rate, and its fastest since early 2016. The Dallas Fed analysts point out that “recent strong employment growth and continuing declines in the unemployment rate have propelled the index.”

Specifically:

• The Austin unemployment rate was 2.6%, representing an 18-year low, and well below the state and national rates of 3.9% and 4.1%, respectively.
• Jobs in Austin increased at an annualized pace of 4.5% over the three months through October.

On the homeownership front, the home affordability rate was up slightly, increasing from 54.8% in Q2 2017 to 57.4% in Q3 2017. Existing-home sales remained steady.

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