Despite Tariffs, Dallas Fed Economist Says Texas 'Running on All Cylinders'

posted by 1200 WOAI - 

The Federal Reserve Bank of Dallas says, despite Texas' position as the number one exporting state in the U.S., there is no indication that President Trump's tariffs and growing trade wars with Europe, North America, and China are damaging the Texas economy, News Radio 1200 WOAI reports.

Senior Economist and Dallas Fed Vice President Keith Phillips told the San Antonio Manufacturers Association it appears the state's economy is too strong for that.

"The economy is very strong right now, and I expect growth in Texas to be about 4% this year, which will be in the top five states," Phillips said.

Phillips says the economic strength of the state is so broad based, that any potential damage from the tariffs would probably be isolated to that sector.

"We're basically running on all cylinders right now, with growth broad based across regions and across industries."

As we approach next month's tenth anniversary of the financial collapse that led to the start of the Great Recession, Phillips says there are no danger signs on the horizon today.

"Despite any disruptions caused by tariffs, I think it will be a good year for economic activity in the state of Texas," he said.

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