Dallas Fed Shows Rapid Economic Expansion in Austin in July 2015

dalfedeconThe Federal Reserve Bank of Dallas released its economic indicators for Austin for July 2015.  Those indicators show that Austin’s economy is continuing to grow.

Highlights of the full report include:

*The business-cycle index grew at a 9.8 percent annualized rate in July after reaching a postrecession peak of 10.2 percent in May. Growth so far this year has averaged 10 percent, outperforming 2014 growth by 0.6 percentage points.

*The unemployment rate increased for the first time in 12 months, to 3.2 percent from 3.1, well below the state and national rates of 4.2 and 5.3 percent, respectively.

*Job growth held steady at a rapid 4.4 percent annualized rate over the three months through July.

*Home affordability declined in the second quarter in Austin and the other Texas Triangle metros. The percentage of homes sold that were affordable to median-income families fell from 64.6 to 59.6 percent in Austin.

Although the numbers look good, we weren’t thrilled about the decline in affordability of nearly 5%.  The Moxie Ladies are still committed to getting you into a home that you can afford!  Call us and we can help you figure out your options.