The objective of this paper is to provide insight and opinion of the current economic conditions globally, nationally and in North Texas. More specifically I will focus on the conditions in North Texas and the Dallas/Fort Worth Metroplex which is the trade area for Pointbank. Pointbank is a community bank in Denton County, Texas which is just north of Dallas with an asset size of roughly $490M. This report will focus on community banks and the impact the last recession had on our business and what the future holds.
According to The National Bureau of Economic Research we came out of our last recession in June of 20091. The economy has appeared to rebound, but there are still many factors that are still affected by the last recession. Interest rates, unemployment and the amount of risk a bank is willing to take are just a few of these factors.
This report will dive deeper into the issues that the global, national and North Texas economy have faced over the last few years and to touch on the issues that we will face as an industry in the next 5-10 years. While the next few years will bring in huge changes trying to keep up with big bank technology we also have the opportunity to attract many prospects and introduce community banking to those prospective customers.
Macroeconomic Snapshot and Forecast
Gross Domestic Product (GDP):
The Bureau of Economic Analysis defines the Gross Domestic Product (GDP) as the value of goods and services produced by the nation’s economy. GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment. According to the Bureau of Economic Ana...
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...wages and 7th in average wage change. All of these stats are very indicative of how strong the Texas economy is compared to the rest of the country. Texas has the 16th lowest unemployment rate and at 4.7% it is slightly lower than the country’s average of 4.9% currently. To round out the topics above the GDP in Texas ranks 11 nationally with a slightly better growth rate than the rest of the country. In the DFW metroplex where our bank is located incomes are slightly higher than the rest of Texas, but job growth is slightly behind the rest of Texas by 2%. The positive behind this number is that Texas’ job growth rate is 3 times that of the rest of the country from 2004-2014. Texas is doing well when it comes to unemployment, GDP and economic growth in the last 10 years. https://www.comptroller.texas.gov/economy
Figure 5: BLS Texas Employment vs. US Employment
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