Regional economy expands on rising demand
Dallas Fed reports Texas manufacturers, energy sector growing.
Widespread increases in demand and the continued recovery of the Texas manufacturing and energy sectors fueled solid regional economic growth in recent weeks, according to a report Wednesday from the Federal Reserve Bank of Dallas.
In its chapter of the Beige Book, an anecdotal survey of the economy compiled every six weeks by the Federal Reserve banks, the Dallas Fed said the economic activity in its district “expanded moderately” since the last report.
The Dallas Fed’s district includes all of Texas and parts of New Mexico and Louisiana. Texas accounts for more than 95 percent of the region’s economic activity.
While many contacts expressed some lingering uncertainties — particularly around the impact of potential policy changes from the White House — outlooks on business conditions generally improved over the past six weeks, the report said.
Employment rose during the period, with relatively strong hiring by manufacturers helping offset some reticence to hire among retailers. Energy sector contacts said most layoffs are behind them, and some reported increased hiring.
Manufacturing and construction companies said they continued to have trouble finding skilled labor, and some restaurants also noted a shortage of