(WBAP/KLIF) — The Texas economy continues to rebound despite the ongoing pandemic and supply chain issues. According to new surveys from the Federal Reserve Bank of Dallas, the state’s manufacturing sector saw growth in December, while several parts of the service sector showed a slower pace of acceleration.
Texas firms cite staffing shortages and supply chain disruptions as key factors that are restraining revenues. The Dallas Morning News, Central Texas is undergoing a manufacturing boom, led by planned construction of manufacturing facilities for Tesla and Samsung.
The manufacturing sector growth in December was mainly fueled by Tesla’s announcement of the $1.1 billion Gigafactory being constructed near Austin and Samsung’s $17 billion semiconductor manufacturing facility near Taylor. Tesla’s facility will produce electric SUVs and the company’s Cybertruck.
The Federal Reserve survey also indicated that Texas firms saw strong price and wage increases in 2021.
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(Copyright 2021 WBAP/KLIF Newsroom News. All rights reserved. Contains material from the Dallas Morning News.)