Business Plan In Texas To Help Increase Employment Rates
A new record has been set in the history of the twice yearly survey conducted through the Federal Reserve Bank of Dallas. Almost half of all of the business respondents had said they planned to expand their employment opportunities.
The survey conduction by the bank involved over 350 business executives in the state of Texas. The bank found that a majority of these businesses were planning to increase their employment positions over the following six to twelve months.
All together, there were 362 executive respondents who were questioned during the Texas Business Outlook Survey. More than 50 percent of them had said they planned to increase their job positions instead of leaving the amount of positions unchanged or removing employment positions.
This survey has been conducted by the bank twice a year since 2011. However, this is the first time since the surveys began that more than half of those taking the survey proposed to raise their employment opportunities for the next six months to a year.
According to Amy Jordan, she believes this is awesome news for all workers needing employment across the state of Texas.
The results of this recent survey indicates that many firms are actively looking to hire. It is indicative that the economy of the state is starting to look up and improve. Amy is the assistant economist who works with the Dallas Fed and is responsible for managing the biannual outlook survey.
Seven Years Of Surveys
The survey used by the bank has asked the same set of survey questions biannually to the same set of over 500 businesses for the last seven years or more. According to Jordan, the businesses have never responded to the questions on the survey the way they have this time.
She is not able to reveal any of the names of the respondents involved in the surveys. However, she can say that the firms range in size from single-person operations to corporations that run multi-national businesses that are headquartered in Texas.
What Can Be Noted From This Survey
There are many things that can be learned from the result of this last survey. The most important thing is that it seems to prove the state of the economy in Texas is beginning to improve. This is evident through different economic indicators and variables.
We are also seeing the hard work that is coming out of businesses across the state. With the continued support from the citizens, businesses are indeed looking to increase their employment opportunities. This is perfect news for anyone who is currently looking to find a job in Texas.
Outlook Of Economy In Texas
The outlook of the economy in Texas is starting to look better. Many believe the result of this is because of the current strength of the U.S. Economy as a whole. It is also because of the rise in energy costs in Texas as well.
The production of crude oil in Texas has reached a new high in the current cycle while global trading factors were tipped in favor of Texas as well. During the solid growth of the goods-producing sector, Texas easily created more than 16,000 jobs.
This caused the labor market to continue tightening and pushing the economy of Texas towards full employment status. Other potential headwinds strengthening the economy in Texas include energy price volatility, decrease in housing affordability and trade uncertainty.
To measure the state of the economy in Texas, the state uses a Dallas Fed’s Business Cycle Index. This measures current economic activity throughout the whole state. Currently, there is an almost five percent growth this quarter.
The leading economic index in Texas has reached a two-year high because of higher oil prices. Despite the lag in wages through the state, the index still jumped over 13 points while the expansion of the business-cycle continued.
Both the United States’ economy and the global economy saw an inflation in elevated interest rates. Back in January, the Federal Reserve Board had made hints that there may be as much as three rate hikes in federal funds this year while the nation’s economy is starting to head towards full employment status.
Shortages in homes under the cost of $300,000 had raised affordability challenges for Texas home sales.
Value Of Dollar
The falling value of the dollar and the strong economic growth happening globally will continue to support the growth of the economy in Texas. Canada and Mexico received almost half of all of January’s exports. They have remained the primary trade partners for the state.