According to a recent report from the Federal Reserve Bank of Dallas, Texas' energy sector has been driving the state's economy, while other sectors have been unable to record growth.
The report showed that economic activity in the Dallas district, which encompasses Texas, northern Louisiana and southern New Mexico, grew at a moderate pace between July and August. In comparison, other sectors, such as manufacturing, financial services, retail sales and employment, were stable during the period.
The report also showed that demand for single-family housing remained weak, however, interest in the multifamily sector was strong. The commercial real estate sector also showed improvement between July and August.
In addition, two larger retailers relayed to the Federal Reserve that sales in Texas and the Southwest region were outpacing the rest of the country, albeit at a small margin.
A recent report from the Texas A&M Real Estate Center showed the improving economy in the state led to 27 percent more home sales in August in North Texas, compared to 2010.
Additionally, previous reports have shown an increased number of Houston properties being sold at greater prices recently.
Courtesy of 2M Realty News