“Even before the pandemic supply chains were very vulnerable to trade (tensions) and geopolitical isues.
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However, Fed economists say the worldwide supply chain issue means an opportunity to re-shore or “near-shore” the procurement of raw materials and manufacturing operations to North America.
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UTEP: Border economy recovering despite COVID-19 surge, supply chain issues That’s a drag on revenues as are supply chain disruptions affecting 44 percent of businesses. That being said, almost half of businesses in Texas are reporting staffing shortages and COVID-19 related absenteeism. Tesla moved its headquarters from California to Austin in 2021 a year earlier, 35 out-of-state companies relocated or opened new facilities in the Austin area the prior year, according to that city’s chamber of commerce. “What we’re seeing with the work-from-home regime is people can work from anywhere, you can pick where you want to live and move away from (the East and West) coast and into low-cost Texas.”Īustin has become the poster child for this relocation but the state’s largest cities – Dallas, Houston and San Antonio – as well as smaller metros like Waco, Tyler and McAllen are experiencing less out-migration and more in-migration, she said.
“When you think people may have locked down (during) the pandemic, they actually picked up and moved to Texas even in greater numbers,” Orrenius said during a Thursday press call on the state’s economic outlook for 2022. Internal migration from states where the cost of living and housing are higher played a big role in job growth, said Pia Orrenius, vice president and senior economist at the Federal Reserve Bank of Dallas. Texas job growth was 5.1 percent in 2021 compared to the national average of 4.5 percent, according to the Fed. EL PASO, Texas (Border Report) – Texas today has more jobs than it did before the COVID-19 pandemic, but challenges remain for the state’s economy, say economists with the Federal Reserve Bank of Dallas.