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!
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.
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.