Banks agree on sunny outlook for Texas in 2014
January 8, 2014 by James
Good news for Dallas residents: according to U.S. financial holding company, BBVA Compass Bancshares Inc., 2014 will break the seven year financial “drought” that has plagued the country. Its expectations are that 2014 will see 25 states exceeding the recent 2.3 average GDP growth in the new year.
Areas of particular strength are predicted to be manufacturing, real estate and energy markets. Meanwhile Wells Fargo Economics sees the Texas economy continuing to grow in 2014 as relocation to Texas from other states remains strong.
Both banks are in agreement that many areas of our state will continue to grow and prosper, with the biggest gains predicted for the diverse economies of Houston and Dallas-Fort Worth. Additionally, Austin is expected to do particularly well due to its focus on technology.
The oil and gas industry fell off in 2013, but thanks to increased interest in investing in this sector, 2014 is expected to be a better year. The expansion of refining capabilities, pipeline construction and petrochemical plant construction is anticipated to strengthen the Texas energy industry. The influx of new residents, having fed the housing market here, has caused it to grow by 7.6 in 2013. The tight housing inventory promises increasing property values as well as another rise in construction for 2014.
Growth in gas, oil, technology, construction and real estate will raise the financial prospects of practically every sector of the Texas economy. Stationery printers, for instance, should expect an increase demand for business card printing , in addition to print advertisements ordered by start up companies riding in the wave of economic growth.