Dallas Fed: Harvey Impacted Houston’s Economics
As can be guessed, Hurricane Harvey had a negative impact on Houston’s economic activity at the end of August and through most of September 2017. That’s the bad news. The good news, according to the Federal Reserve Bank of Dallas, is that recovery is definitely underway for some sectors.
Specifically, home sales did rebound in September, with refining and petrochemical facilities up and operating at normal rates. September home sales bounced back as homebuyers were able to get out in the market again. This dipped the inventory of homes for sale to below four months.
Employment was an area that struggled in September, with Houston growing at an annual rate of 1.9% from December 2016-August 2017. “Hurricane Harvey sent most sectors into contraction for the month of September,” Fed analysts said, indicating that Leisure and Hospitality, in particularly, experienced “hefty estimated job losses of 10,721.”
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