Economic Indicators - October 2017

Unemployment Rates

Source: Texas Workforce Commission; Preliminary values, not seasonally adjusted. *Largest U.S. Cities excluding Dallas, calculated using weighted average: New York City, Los Angeles, Chicago, Houston, Philadelphia, Phoenix, San Antonio, San Diego, San Jose, and Austin.
 
October 
​2017
September 2017
Point Change
City of Dallas
3.1
3.5
-0.4
DFW MSA
3.0
3.4
-0.4
Texas
3.5
4.0
-0.5
USA
3.9
4.1
-0.2
Largest U.S. Cities Average
 
4.7*
 

City of Dallas Labor Force & Employment (Residents)

Source: Texas Workforce Commission; Preliminary values, not seasonally adjusted.

Labor Force
Employed
October 2017
676,845
655,572
September 2017
683,254
659,153
Change
-6,409
-3,581
Percent Change
-0.94
-0.54

City of Dallas Unemployment Rate ​

Unemployment Rate Graph
Source: Texas Workforce Commission; Preliminary values, not seasonally adjusted.
  • The preliminary unemployment rate as reported by the Texas Workforce Commission for the City of Dallas for October 2017 fell to 3.1 percent. The rate reflects a 6,409 person decrease in the size of the city's labor force and the number of employed Dallas residents decreasing by 3,581 people.
  • October was the 32nd consecutive month that the reported unemployment rate within the City of Dallas has outperformed the state's unemployment rate.


City of Dallas Household Employment


Employment Graph
Source: Texas Workforce Commission; Preliminary values not seasonally adjusted.
  • The preliminary October 2017 count of employed Dallas residents as reported by the Texas Workforce Commission decreased to 655,572 (-0.54 percent).
  • The reported total was an estimated 3,581-worker decrease from the previous month's revised household employment level 659,153.

Dallas-Fort Worth MSA 2016 Real Gross Domestic Product (GDP) Growth

GDP_Metro_0917_Hires

Source: Bureau of Economic Analysis (BEA), September 20, 2017.

  • The Bureau of Economic Analysis states that the Dallas-Fort Worth MSA real (inflation-adjusted) GDP grew 3.0 percent in 2016. This is in comparison to 1.5 percent real GDP for the U.S.
  • MSA growth was led by information services; construction; and finance, insurance, real estate, rental, and leasing. U.S. growth was led by professional and business services; information services; and finance, insurance, real estate, rental, and leasing.

Dallas-Fort Worth MSA Consumer Price Index

CPI Graph
Source: US Bureau of Labor Statistics, October 2017; Preliminary values not seasonally adjusted.
  • The Consumer Price Index is a weighted average price index for consumer goods and services. The Bureau of Labor Statistics publishes a consumer price index for the Dallas-Fort Worth MSA bi-monthly. Percentage change from the previously published index value is a representation of inflation over the past two-month period.
  • The Consumer Price Index for All Urban Consumers (CPI-U) for Dallas-Fort Worth rose 1.5 percent from July to September 2017. This was the largest two-month increase since March 2011. Over the same time period the U.S. consumer price index grew 0.83 percent.
  • The Dallas-Fort Worth core index (price growth less food and energy) increased by 0.97 with the U.S. inflation rate over the same period increasing 0.4 percent.

The Conference Board Consumer Confidence Index


CCI Graph
Source: The Conference Board, October 2017; Preliminary values, not seasonally adjusted.
  • The Conference Board Consumer Confidence Index® is designed to measure the overall confidence of the average consumer with respect to their personal finances. The Index combines consumer sentiment on the current state of the economy and consumer expectations regarding the near future into one composite index.
  •  WTI Crude oil prices continuing stay between 50 and 55 USD/bbl through the second half of 2017 more than likely helped Texas mitigate the negative effects of  Hurricane Harvey. While both the West South Central Region and Texas present negative "Present Situation" survey values, "Expectations" for both are very positive showing over 10 percent growth in October from the previous month.

Median Sale Price of Existing Single-Family Homes - Q2 2017


NAR GRAPH
Source: National Association of Realtors, Aug 2017.
  • The National Association of Realtors Quarterly Metropolitan Median Area Prices and Affordability Report provides a measure of the median selling prices for existing single-family homes and condos by metropolitan area.
  • A majority of metropolitan areas in the U.S. experienced strong price growth during 2016, as a result of a decline in housing supply and an uptick in demand fueled by low interest rates and a stronger job market. Median sale prices in the U.S. increased by 5.2 percent during 2016.
  • Median sales prices in the Dallas-Fort Worth metropolitan area increased by 9.6 percent during 2016, and increased 7.9 percent during the second quarter of 2017.

C2ER Cost of Living Index - Q3 2017

 
COLI Graph
Source: Council for Community and Economic Research, 2017.
  • The Council for Community and Economic Research publishes a quarterly Cost of Living Index to provide an accurate measure to compare cost of living differences among urban areas. Items on which the index is based have been chosen to reflect different categories of consumer expenditures. The index remains near the national average of 100 (Dallas = 102.0).

FHFA House Price Index - 2017Q2

FHFA House Price Index -2017Q2

Source: Federal Housing Finance Agency, Quarterly House Price All-Transactions Index, 100 Largest Metropolitan Statistical Areas, 2017; Dallas Office of Economic Development, 2017. Values not seasonally adjusted.

  • The Federal Housing Finance Agency House Price Index is calculated using home sales price information gathered from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac.
  • Home prices in the Dallas-Plano-Irving Metropolitan Division increased by 4.2 percent during the second quarter of 2017, while over the same period the average home price for the entire U.S. rose 3.6 percent. 
  • For the year (Q2 2016 to Q2 2017), the U.S. jumped 6.2 percent, eclipsing the previous 2016 high while Dallas-Plano-Irving rose 9.9 percent over the same timeframe.

Paychex IHS Small Business Jobs Index

C2ER Graph
Source: Paychex IHS Small Business Jobs Index, 2017.
  • The Paychex | IHS Small Business Jobs Index provides an up-to-date measurement of the change in small business employment over the last 12 months. An upward trend represented by an index value greater than 100 indicates a strengthening small business job market, while a downward trend represented by an index value less than 100 represents a slowdown in small business hiring.
  • The data used for this index comes from a subset of Paychex clients and includes 350,000 small businesses with less than 50 employees in the U.S.
  • Dallas declined in growth compared to other indexed metro areas in the nation by this measurement of small business job growth, decreasing to 100.16 in October as compared to August's index value of 102.23. This is the first time since 2011 that Dallas has not been a leader in the metro growth ranking.