Regional economic conditions appeared to deteriorate in January after picking up at year-end, data collected by the Dallas Fed show. Nonetheless, there is optimism regarding the outlook for growth later this year.
Results from the Dallas Fed’s Texas Business Outlook Surveys (TBOS) show that output growth largely stalled in January in the manufacturing and service sectors, with indexes signaling little change in output from December.
Service sector revenues were flat overall in January, and survey respondents said rising COVID-19 cases restrained activity. While the Texas Manufacturing Outlook Survey surprised to the upside in December, production and demand growth decelerated sharply in January.
Despite the economic recovery that began last June, roughly 60% of respondents said their revenues as of January remained below pre-pandemic levels. When this group was asked when they expect revenues to return to pre-pandemic levels, 30% said within six months and 63% said within a year.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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