Texas economic activity rises in energy and manufacturing sectors

Economic indicators for Texas show growth in both the energy and manufacturing sectors. According to the Texas Workforce Commission, upstream oil and gas exploration and production employment increased by 400 jobs in August, bringing total upstream employment to 195,900. The Texas Oil and Gas Association noted that the upstream sector supports a total of 848,000 direct, indirect, and induced jobs.

Simultaneously, the Federal Reserve Bank of Dallas reported a sharp acceleration in Texas manufacturing activity in September. The production index rose to 29.5, marking the ninth consecutive month of expanding output. This surge was accompanied by a significant rise in new orders and hiring, with the employment index reaching 15.1. Manufacturers reported that orders are arriving faster than factories can fulfill them, leading to lengthened delivery times and falling finished goods inventories.