“The fundamentals here are really good,” Jon Hockenyos says, but the city must do a...
— especially educated ones — continue to weigh on the metro area economy, it’s got something else going for it, he said.last week. “The fundamentals here are really, really good.”That’s not to say the signs are strong that recession is coming. He pointed to increasing layoffs in the technology industry and lower economy-wide productivity as early signs that a downturn may be in the offing. But he said the effects around the country will be uneven and hit distinct sectors differently.
Hockenyos called it the “inverse” of the pandemic-era reality that many restaurant and hospitality workers faced when their places of work shut down and laid them off, while technology workers remained comfortably employed from home. Now, tech workers are being let go en masse while restaurants can’t hire enough employees.
He said the state’s growing population is “one of the reasons why the longer-term future in Texas remains really, really bright.” “The bottom line is the Fed is going to slow down shortly,” he said. “I would be shocked if they don’t stop after December. Because I think they’ve moved very far, very fast.”
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