Interested in the the 2018-2019 AngelouEconomics Economic Forecast?
For the 33rd consecutive year, Angelos Angelou – the Principal Executive Officer at AngelouEconomics, is pleased to present the 2018-2019 Economic Forecast for the Austin and Texas economies!
Want to see where Angelos believes the economy will grow in 2018 and 2019?
You can request to purchase the full AngelouEconomics forecast by emailing firstname.lastname@example.org, which also explores the living wage for a typical Austin household, commercial and residential real estate trends, and the effects of The Tax Cuts and Jobs Act.
The Austin Economy
Looking back at last year’s forecast, AE predicted the Austin economy would gain 29,400 jobs. Once again, the economy outperformed our forecast, gaining a total of 32,100 jobs across 2017.
Leading the charge for the economy, were a group of Austin’s typical economic driving sectors, which accounted for nearly 54% of total employment growth in 2017:
- Professional and Business Services: +7,200 jobs
- Trade, Transportation, and Utilities: +5,300 jobs
- Education and Health Services: +4,700 jobs
Looking ahead into 2018, the Austin MSA finds itself in a tight labor market, which is raising wages and making it harder for employers to fill positions. This effect was felt in 2017, as employment growth slowed compared to previous years.
The Texas Economy
For Texas, last year’s forecast prediction was just shy of the actual mark of 213,300 jobs created – meaning the Texas economy slightly outperformed AE’s forecast.
In 2017, Texas nonfarm employment grew by 1.8%, which is a boost from 1.2% growth posted in 2016. Similar to Austin, Texas employment growth was driven by three key job creators, which accounted for nearly 53% of total employment growth:
- Education and Health Services: +41,500 jobs
- Professional and Business Services: +36,500 jobs
- Leisure and Hospitality: +34,600 jobs
The statewide economy proved to be resilient in 2017, in part because of a recovering oil and gas sector, and despite the adverse effects of Hurricane Harvey.
AngelouEconomics has worked with numerous professional and business associations in building dozens of unique economic impact studies among other types of projects including site selection projects as well as strategic economic development projects. Some projects have examined the effects of statewide policy measures, such as the Texas Bathroom Bill or ban on Sanctuary Cities. Other projects have measured the contribution of member networks in terms of jobs, wages, and total economic output. Like this study for Prospera, a nonprofit organization which specializes in providing bilingual assistance to Hispanic entrepreneurs in Florida. Economic impact studies are effective tools for quantifying and illustrating the value of individual professional and business associations. They are versatile, as they can illustrate the value or impact of a specific policy or quantify the economic contribution of your members to the local, regional, and nationwide economies.
Want to Learn More?
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