Texas economy grows at moderate rate during July

Economic activity in Texas has grown at a moderate rate, according to a report.According to a recent release from the Federal Reserve Bank of Dallas, the economy in Texas grew at a moderate pace during July, as employment and home sales expanded.At the end of the month, Texas gained 25,900 jobs following the creation of 33,000 in June. The employment total statewide through July was 10.58 million. However, the state's unemployment rate increased during the month, rising from 8.2 percent in June to 8.4 percent in July. The rate is still below the national average of 9.1 percent.The Federal Housing Finance Agency reported that the house price index for Texas was up 0.3 percent during the second quarter from the previous three-month period, but down 2 percent from the year before.The total of single-family housing permits granted in the state declined 3.4 percent from June to July, the report shows. Housing starts were also down, decreasing 0.1 percent in July after they had jumped 29.7 percent in June. Starts were also down 17 percent from the previous year.Existing-home sales increased, growing 1.5 percent between June and July and 22 percent year-over-year.The Houston real estate market posted its own gains during July, as sales increased 16.7 percent from the previous year and the region recorded its highest median price ever for the month, the Houston Association of Realtors reported.Courtesy of 2M Realty News

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