Texas job growth and construction activity have slowed, according to a Dallas Fed report, with tariffs and economic uncertainty cited as major contributing factors.

Dallas

A recent report from the Dallas Federal Reserve indicates that Texas is experiencing slower employment and job growth, with construction values declining by about 30% since the beginning of the year. The report highlights that tariffs and other economic factors are impacting construction projects, leading to increased costs and further uncertainty for businesses.

Residential construction has dropped by 7%, while non-residential construction is down by 25%, partly due to project completions. The ongoing shortage of skilled workers is also affecting the industry, despite increased interest in trade programs. The Dallas Fed advises businesses to prepare for continued volatility and uncertainty in the state's economic climate.

Dallas Fed report reflects Texas' economic uncertainty

Texas employment and job growth slowed in June that according to a new report from the Dallas Fed So the report also says tariffs and other factors are having a noticeable impact on construction projects here in the state Fox for Stephen Dial joining us live with more on that Stephen Aside from the falling job growth the Dallas Fed says despite the cranes that you may see in the DFW area There is a decline in construction values about 30% since January But uncertainty pops out everywhere, right? Uncertainty uncertainty going forward on the future and that's affecting their their decisions or business operations going forward Uncertainty has been the key word to describe 2025 from an economic standpoint this week the Dallas Fed released a report saying Texas's overall economic growth is trending lower Louise Torres is a senior business economist with the Dallas Fed and all from the report. What's what's what's surprising is First the employment numbers they came out negative for the state of Texas That's something is really rare for our state tariffs also continue to impact the state's economy one key example is in construction Yesterday I had to pay $1,000 extra for a cistern that I'm installing at a property That we're that we've developed in East Dallas Alan Hoffman with Hoffman homes is also part of the Dallas Builders Association They look for predictability and stability and that's really I think what any business looks for what we've heard from businesses large and small It's too hard to plan for the future with so much uncertainty about the cost of goods and materials the Dallas Fed report says residential construction is down by 7% and Non-residential is off by 25% The report does note some of the decline since January is due to projects being completed Another issue facing builders is a continued shortage of skilled workers Well, the skilled labor shortage is has been ongoing and we are we're very actively involved with Collin College Dallas College and and and really helping the trade programs that are really being developed. We've seen a Recruit a Accelerated interest in the trades because they're they are high-paying jobs And so the skilled the that's a training process that takes some time And taking time is not helping construction or builders now the end of that report basically said from the Fed They're advising businesses as they head into the second half of the year continue to prepare for a volatile Uncertain climate which again spells for trouble when it comes to things like construction All right, Fox for Stephen dial reporting live for us in Dallas Stephen. Thank you

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Ukraine Invasion

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Jerusalem

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London

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Kyiv

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Alaska

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Breakdown