Fed economist: Texas, DFW growth will slow but won’t stall in 2015

Bill Hethcock for Dallas Business Journal

Economic growth will slow in Texas in 2015 as repercussions of falling oil prices ripple through the state, a Federal Reserveeconomist said in a manufacturing summit Thursday morning in Dallas.

How much growth will slow remains unclear, said Jesus Canas, business economist with the Federal Reserve Bank of Dallas.

“Are we going to grow faster than the nation this year? That is the question mark,” Canas said at the event in theWestin Hotel put on by the Dallas Business Journal and McGladrey tax and consulting firm.

Texas employment grew 3.6 percent in 2014, adding 408,800 jobs statewide, Canas said. That compares to a 2.1 percent jobs growth rate nationwide.The professional business services sector led the employment growth in 2014, Canas said.

The Fed forecast calls for 2.2 percent job growth in Texas in 2015, or an additional 235,000 to 295,000 jobs statewide.

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