Regional economy in Texas improving at moderate rate

The regional economy in Texas showed improvement in many sectors.According to a recent report compiled by the Federal Reserve Bank of Dallas, the state's economy showed moderate improvement during the second quarter, despite being slightly down from the previous three-month period.The Texas job market grew by an annualized rate of 2.3 percent during the second quarter, experiencing some fluctuations. After slowing in May, the state's job growth rebounded in June, growing by an annualized rate of 3.5 percent. Year-to-date, job growth has increased by 2.4 percent, which is twice the national average. The state's unemployment rate is now 8.2 percent, which is high, but below the nation's average of 9.1 percent.In terms of real estate, Texas did not perform strongly during the second quarter, as the number of single-family permits issued and construction projects started was low. However, pending sales and demand both showed slight improvements, while nominal median sales prices in June rose above the total from the previous year.The nonresidential sector also improved at a moderate rate, as demand for office space and industrial markets increased. The report showed that the retail market remained weak, however.Another report recently supported the FedBank's job data, revealing demand for Houston properties is up, as the region has one of the country's top five markets in terms of job growth.Courtesy of 2M Realty News

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