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• W1534290613 abstract "The Tenth District economy continued to expand at a healthy pace during 1994. A rebound in the region's manufacturing sector joined forces with a booming construction sector and steady growth in services to boost economic growth in the region. While the strength in the district economy was spread across most sectors, mining remained relatively flat and agriculture was weaker. Economic performance diverged across the seven district states, but not as much as in previous years. The New Mexico economy surged again due to strong growth in construction, services, and manufacturing. Growth in Oklahoma, Colorado, and Missouri was at or above the district average, while growth in Nebraska, Kansas, and Wyoming fell below the district average. In 1995, the district economy will probably slow somewhat as the national economy slows. District manufacturing may continue to improve, but construction is expected to slow from its recent vigorous pace. The region's key natural resource industries--agriculture and energy--are unlikely to bring much new economic activity to the region in the year ahead. Overall, the district economy is expected to grow moderately in 1995. This article reviews the district's economic performance in 1994 and explores the outlook for 1995. The first section compares the overall performance of the district and the nation in 1994. The second section focuses on the recent performance and outlook for the district's key industries. The third section surveys growth across district states in 1994 and discusses each state's outlook for the year ahead. THE DISTRICT ECONOMY IMPROVES IN 1994 The tempo of the district economy picked up in 1994. Despite the improvement, the district economy was unable to maintain its lead over a national economy that gathered momentum.(1) Employment growth, one benchmark of economic performance, provides clear evidence of the improvement in the district economy. Nonfarm employment in the district grew 2.8 percent in 1994, slightly more than in 1993 (Chart 1).(2) (Chart 1 omitted) In the nation, employment growth reached 3.0 percent. The civilian unemployment rate in the district averaged 4.7 percent in the third quarter of 1994, well below the nation's third quarter rate of 6.0 percent rate. Although employment growth remained strong in most district states in 1994, it accelerated in only a few states. Jobs grew faster in 1994 than in 1993 in New Mexico, Oklahoma, and Nebraska (Chart 2). (Chart 2 omitted) Employment continued to grow in Colorado, Missouri, and Kansas, but somewhat slower than in 1993. In Wyoming, job growth slowed markedly from a moderate pace in 1993. Real personal income growth, another broad measure of economic performance, generally underscored the health of the regional economy (Chart 3).(3) (Chart 3 omitted) Growth in real nonfarm personal income rose in several district states (Chart 4). (Chart 4 omitted) Income continued to grow rapidly in New Mexico and picked up in Wyoming, Nebraska, and Missouri. In the district as a whole, income grew 1.7 percent in the first half of 1994, somewhat slower than the 2.1 percent gain recorded in 1993 and slower than the nation's income gain during the first part of 1994. Growth in the national economy gained momentum in 1994, particularly in the second half of the year. In the year ahead, the national economy is expected to slow from its robust pace at the end of 1994 but still grow moderately. The district economy will probably continue to nearly match the national economy, with some slowing expected in key sectors such as construction.(4) REVIEW AND OUTLOOK BY SECTOR Growth in the district economy was broad based in 1994, with most industries contributing to the region's strong performance. Construction remained the strongest force during the year, with services and retail trade helping to add district jobs. Manufacturing continued its recovery, led by solid job growth in the durables industries. …" @default.
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• W1534290613 date "1995-01-01" @default.
• W1534290613 modified "2023-09-23" @default.
• W1534290613 title "A Healthy Tenth District Economy" @default.
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