Austin economic activity recovering quickly as pandemic fades

Austin economic activity recovering quickly as pandemic fades

Austin economic activity recovering quickly as pandemic fades

New economic data is backing up what the reappearance of traffic jams and ubiquitous help-wanted signs already have made clear — the Austin area economy is in the midst of a robust recovery from its pandemic-induced crash last year.

A barometer of local business activity devised by the Federal Reserve Bank of Dallas, called the Austin business-cycle index, expanded by 10.6% in April on an annualized basis, maintaining a 10%-plus pace it clocked through the first quarter.

Prior to the coronavirus pandemic, yearly increases of about 6% were considered solid.

The recent gains are in stark contrast to the performance of the index in 2020. It plummeted at a record annualized rate of 77% last April, the first full month of the pandemic, before finishing the year down about 1.8% as the recovery took hold.

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