Texas Economic Indicators - Dallasfed.org Skip to main content News and EventsCareers All Authors Series Topics Economy Economy Data Regional data U.S. data International data Energy data DataBasics Research Data Center (RDC)-- Regional economy Texas New Mexico Louisiana Dallas Fed Surveys Economic analysis Beige Book Economic indicators Texas Economic Update Texas Employment Forecast U.S. Economy Trimmed Mean PCE Market Value of Government Debt Weekly Economic Index International Economy Database of Global Economic Indicators International House Price Database Mexico Update Global Institute Events Conferences Global Perspectives Energy Center for Energy and the Economy Dallas Fed Energy Survey Energy in the Eleventh District Energy Indicators Energy Slideshow Publications Dallas Fed Economics Southwest Economy Southwest Economy Podcast Special reports Working papers Economists Focus areas/topics Community Community Communities blog In-depth reports Small Business Credit Survey Community topics Small business Workforce development Community Reinvestment Act Advance Together initiative Digital access initiative Our people Events Education Education Classroom Resources Building Wealth lesson plans Classroom-ready presentations Federal Reserve Education Publications Building Wealth Everyday Economics Navigate: Exploring College and Careers Student programs Personal finance workshop -- Events Tours information Banking Banking Banker resources Consumer resources Reserves maintenance Risk and surveillance Lending Discount Window Payments & financial services FedNow Financial services Reporting Financial reporting Regulatory reporting Structure reporting (NIC) Contacts Events Publications and reports Dallas Fed Banking Banking Conditions Survey Current Banking Risks Eleventh District Banking Trends Banking and finance articles About us About Us What we do Reserve Banks and the Fed Counties in our district Our branches El Paso Houston San Antonio Holiday schedule Work with us Transparency President Lorie Logan About Lorie Listening in 360° Calendar Public speaking events Our people Leadership team Regional executives Boards of directors Economists Dallas Fed advisory councils Federal Advisory Council Office of Minority and Women Inclusion Speeches Lorie Logan speeches and publications Leadership speeches Request a speaker Connect with us Attend our events Visit our exhibits Help us track the economy Ask a question or find a contact Do business with us News and EventsCareers HomeEconomyEconomic IndicatorsTexas Economic Indicators Economy Economy home Data Regional data U.S. data International data Energy data DataBasics Research Data Center BigTex High-Performance Computing Regional Regional economy Texas New Mexico Louisiana Dallas Fed surveys Agricultural Banking Conditions Dallas Fed Energy Texas Manufacturing Texas Service Sector Economic analysis Beige Book Economic Indicators Texas Economic Update Texas Employment Forecast Mexico and border region All regional analysis Southwest Economy U.S. U.S. economy home Trimmed Mean PCE Market Value of Government Debt Weekly Economic Index All U.S. data International Global Institute International economy International House Price Database Database of Global Economic Indicators International data Energy Center for Energy and the Economy Energy research Dallas Fed Energy Survey Energy in the Eleventh District Energy Indicators Energy slideshow Publications Dallas Fed Economics Southwest Economy Special reports Working papers More publications Our people Economists Research analysts Visiting scholars Events Conferences Global Perspectives Seminars Request a speaker Focus areas/topics Texas Economic Indicators March 30, 2023 arrow_drop_up5.0% 3.6% arrow_drop_down$27.88 -- Texas economy dashboard (January 2023) Job growth (annualized) Nov. '22–Feb. '23 (estimate) -- Unemployment rate Avg. hourly earnings Avg. hourly earnings growth y/y arrow_drop_up4.3% arrow_drop_up4.0% arrow_drop_down$30.97 arrow_drop_up6.2% -- Texas’ economy continued to expand in February. Payroll increases were mixed across sectors, and job openings remained elevated in March. Private hourly earnings fell. The Dallas Fed’s Texas Business Outlook Surveys in March indicated a slower pace of price growth for both manufacturing and services. Exports continued to fall in January. The Dallas Fed’s Banking Conditions Survey reported a broad decline in loan volumes in February. Labor Market Texas outperforms U.S. in job creation so far in 2023 Texas employment growth was an annualized 4.6 percent in February, slower than 5.5 percent in January. In the first two months this year, Texas’ job growth of 5.1 percent (annualized) outpaced the nation’s 3.2 percent increase (Chart 1). Employment gains were seen in most sectors, with leisure and hospitality leading at 9.5 percent (22,000 jobs). Professional and business services and construction were neck and neck in job growth at 8.5 percent and 8.4 percent, respectively. The only sector posting losses was manufacturing, which contracted 0.5 percent. The Dallas Fed’s Texas Employment Forecast released on March 24 estimated 2.8 percent job growth this year (December/December), unchanged from its previous estimate. Job openings fall but remain elevated Job openings in Texas and the U.S. remained elevated through mid-March, though both have been decreasing in recent months (Chart 2). As of March 24, Texas and U.S. job openings were down 2.5 and 2.7 percent, respectively, from the week ending March 17—39.2 percent and 35.4 percent higher than February 2020 levels. Private earnings decrease Texas private hourly earnings fell in February to $30.97 (Chart 3). Meanwhile, private hourly earnings in the U.S. rose an annualized 2.9 percent to $33.09. Year over year, Texas’ wages were up 6.2 percent, outpacing the nation’s 4.6 percent increase. Texas Business Outlook Surveys The Texas Business Outlook Surveys’ price indexes were positive but decreased in March, indicating slower growth in input and selling prices (Chart 4). The manufacturing survey’s prices paid for raw materials and the prices received indexes fell to 20.3 and 7.0, respectively. The service sector input prices index dropped to 38.3, and the service sector selling prices index fell to 11.4. Exports Texas exports fell for the fifth consecutive month in January (Chart 5). Exports were down 1.8 percent in Texas but increased 2.0 percent in the U.S. Exports to some of Texas’ largest trading partners increased: China (23.7 percent), Mexico (3.5 percent), Latin America excluding Mexico (1.1 percent), Europe (0.6 percent) and Australia (0.3 percent). Exports to the United Kingdom and Asia excluding China declined 40.8 percent and 3.5 percent, respectively. Banking Conditions Survey The Dallas Fed's Banking Conditions Survey suggested continued decline in loan demand in February. Volumes for all loan types contracted (Chart 6). The commercial real estate loan volume index was in negative territory for the fourth month, although it improved by 7.6 points to -14.0. Similarly, the commercial and industrial and consumer loan volume indexes also posted their fourth consecutive negative readings at -17.6 and -17.8, respectively. The residential real estate loan volume index saw the largest improvement with the index climbing 20.6 points to -20.7. The six-month outlook for loan demand remained pessimistic in part due to concerns surrounding rising interest rates and inflation. Notes The impact on demand by industry is found in Table A-2, on page 44. -- Share this   NOTE: Data may not match previously published numbers due to revisions. About Texas Economic Indicators Questions or suggestions can be addressed to Laila.Assanie@dal.frb.org and -- Mytiah Caldwell at Mytiah.Caldwell@dal.frb.org. Texas Economic Indicators is published every month during the week after state and metro employment data are released. Economic Indicators Austin Dallas-Fort Worth Dallas -- El Paso Energy Fort Worth Houston Permian Basin Rio Grande Valley San Antonio Southern New Mexico Texas Subscribe for email alerts Quick links Global Institute Building Wealth Banking blog Communities blog Economics blog Visit us Publications About us Transparency Holiday schedule Careers Office of Minority and Women Inclusion Contact us Frequently asked questions Locations and teams Media relations Vendors and suppliers Website feedback Stay informed Get analysis, research, resources and event information delivered directly to your inbox. Subscribe Email address Sign Up -- Follow the Dallas Fed 2200 N. 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