The Dallas Texas small business forecast for 2022 is a bright one, though not one without at least a few challenges. The recent COVID-19 virus outbreak has had a significant impact on regional economic activity. Though it peaked in September, growth accelerated sharply through October and November as people tried to make up lost time with holiday shopping – this behavior is expected to continue into early January, before tapering off again after strong sales over the Christmas shopping holiday.
The Dallas Texas small business forecast for 2022 includes higher employee pay and an increase in consumer sales. Although payrolls have been on a steep upward trajectory for the past year, it looks like things are finally starting to slow down.
The Texas economy grew at an annualized 8% rate between September of 2017 and 2018, which was much higher than other states around the country that had 4%. In fact, this makes their performance six times better than what we saw near when compared with all 50 states during 3Q18 – where combined job growth increased just over 5%.
The slowdown in August led to a broad-based increase for the month of September. Growth was seen across most industries, with leisure and hospitality leading at an annualized 22.9%. Construction payrolls also increased by 18% this past year which helped turn things around after slipping 3 months out of 5 before finally rising slightly last time round compared to other sectors advancing strongly such as energy (17%) or trade transportation, and utilities (10%). Meaning, Dallas is expected to experience real growth during the next year.