by Keith R. Phillips and Christopher Slijk – Federal Reserve Bank of Dallas
The Texas economy in 2014 is well positioned to continue expanding and will likely remain among the nation’s fastest growing. Employment grew 2.5 percent last year, down from 3.3 percent in 2012 but 0.7 percentage points above the national average. Weakness in manufacturing and cuts in federal spending contributed to the state’s job growth slowdown. Still, the economy continued to expand broadly, with employment in oil and gas, leisure and hospitality, professional and business services, and construction growing strongly.