Good News: The Austin Economy Keeps on Going
The Federal Reserve Bank of Dallas reported that the Austin economy expanded at what it called a “robust pace” in September 2017. The Austin Business-Cycle Index climbed above its long-term trend, supported by an increase in job growth and a decline in unemployment. Specifically, Austin’s employment reported a 10% annualized growth rate, while the local unemployment rate dropped to 2.7%, below the state average of 4% and the national average of 4.2%.
Meanwhile, though existing home sales dipped slightly in September, the median home price hit an all-time high of $298,554. Home inventories remained at 2.7 months’ supply. Finally, international exports from Austin increased 9.4% to $10.7 billion, despite a decline, overall, for the state.
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