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10,000

11,000

12,000

13,000

14,000

15,000

16,000

17,000

2008 2009 2010 2011

-7

-5

-3

-1

1

3

5

7

2008 2009 2010 2011

Texas U.S.

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2008 2009 2010 2011

Houston Austin

Dallas San Antonio

AUGUST 2011

SummaryTexas job growth bounced back strongly in June after stalling in May. Texas housing market indicators showed

improvement, as housing starts and home sales increased in June. Energy activity in Texas continued to rise, with

the rig count moving up in July. Texas manufacturing expanded at a faster pace in July; the Texas Manufacturing

Outlook Survey’s production index rose from 5.6 to 10.8. 

Housing starts in Texas rose 31.9 percent in

June after falling 18.8 percent in May.Starts were up 14 percent from last year.

Texas single-family housing permits edged

down 2.9 percent in June. The June permit

level was 2 percent lower than the previous

year.

Texas existing-home sales rose 3.7 percent

from May to June. The supply of housing

inventory remained at 7.9 months in June.

Texas Housing Starts

Texas gained 30,100 jobs in June after losing

600 in May. Current Texas employment stands

at 10.55 million.

The Texas unemployment rate was 8.2 percent

in June, up from 8.0 percent in May. The Texas

rate remains below the U.S. rate, which edged

up to 9.2 percent in June.

Real 2000 dollars (millions)

Percent annual growth rate

Monthly real Texas exports fell 1.6 percent

in May after rising 4.7 percent in April. The

May level of real exports was 16 percent

higher than a year earlier.

Economic IndicatorsTexas

Real Texas Exports

Employment

Annual starts (thousands)

50

70

90

110

130

150

170

2008 2009 2010 2011

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-40

-30

-20

-10

0

10

20

30

2008 2009 2010 2011

200

300

400

500

600

700

800

900

1,000

2008 2009 2010 2011

$2

$4

$6

$8

$10

$12

$14

2008 2009 2010 2011

$20

$40

$60

$80

$100

$120

$140

2008 2009 2010 2011

Index

West Texas Intermediate crude oil prices ticked up 0.9 percent to $97.19 per barrel in July. The price was up 27

percent year-over-year.

Natural gas prices edged down to $4.42 per million Btu in July, down 2.4 percent from June. The price was 4

percent lower than in July 2010.

The rig count for Texas increased by 19 rigs to 858 in July. The rig count was up 27 percent from a year earlier.

Texas factory activity expanded in July, accord-

ing to the Texas Manufacturing Outlook

Survey. The production index, a key measure

of state manufacturing conditions, rose from

5.6 to 10.8, suggesting output growth picked

up in July. 

The Federal Reserve Bank of Dallas conducts

the monthly Texas Manufacturing OutlookSurvey to obtain a timely assessment of the

state’s factory activity. 

The Dallas Fed’s Texas

Leading Index, which uses

key economic indicators to

forecast future economic

activity, rose 1.8 percent

from March through May.

Production Index - Texas Manufacturing

Note: Data may not match previously published numbers due to data revisions.

Sources: Employment: Bureau of Labor Statistics; Texas Workforce Commission; seasonal and other adjustments by Federal Reserve Bank of Dallas.

Housing: FHFA; Multiple Listing Service; U.S. Census Bureau; Bank of Tokyo-Mitsubishi UFJ. All housing data are seasonally adjusted.

Exports: U.S. Census Bureau; World Institute for Strategic Economic Research; seasonal and other adjustments by Federal Reserve Bank of Dallas.

Energy: Wall Street Journal ; Henry Hub; Baker Hughes.

Texas Leading Index: Federal Reserve Bank of Dallas.

Texas Manufacturing Production Index: Federal Reserve Bank of Dallas. Data are seasonally adjusted.

Questions can be addressed to Emily Kerr at emily.kerr@dal.frb.org. Texas Economic Indicators is released on the first Wednesday of every month and

can be found online at www.dallasfed.org/research/indicators/index.cfm.

Active rigs$/barrel Crude Oil Prices Natural Gas Prices Texas Rig Count

Texas Leading Index Components

Three-month percent change

$/million Btu