Experts forecasting economic recovery, strong job growth in Texas

Experts predict strong job growth in Texas

The outlook for Texas and North Texas is good, according to the economists at the Federal Reserve Bank of Dallas. FED senior economist Keith Phillips joined Good Day to talk about the employment forecast predicts strong growth in Texas with all the jobs lost during the pandemic back by the spring of next year.

DALLAS - The Federal Reserve Bank of Dallas is forecasting recovery and strong growth for the North Texas economy.

Their employment forecast for 2021 predicts 4.3% growth in Texas with all lost jobs lost during the pandemic recovered by the spring of 2022.

The number of Texans receiving unemployment benefits has fallen sharply.

Another bright spot… Texas business applications have increased to historic levels.

"As people were laid off, especially in the restaurant and hotel industries last year, they had more support than normal from unemployment insurance federally," said Keith Phillips, a senior economist at the Federal Reserve Bank of Dallas.

The pandemic gave them a reason and the motivation to open that business they’ve always wanted to open.

"They’ve had these plans in the works but not had the financial resources or the time and now they do," Phillips said.

The biggest issue facing the state now is supply chain disruptions.

Small businesses struggling with lack of qualified workers, supplies during pandemic