AMMAN: The Texas economy continues to grow, and manufacturing reached its highest production level in 11 years in December, according to the Federal Reserve Bank of Dallas. In 2017, the state saw strengths in the energy industry, which trickled into energy-related manufacturing, said Amy Jordan, Dallas Fed assistant economist. This is really the recovery after the oil bust,” Jordan said. The decrease of the American dollar’s value has also helped strengthen manufacturing in the state, she said. We have a number of manufacturers in the state who produce goods for export. When the value of the dollar decreases compared to our trading partners’ currencies, that makes our goods more competitive on the global market,” Jordan said. The state’s economy did see a small setback in terms of job growth because of Hurricane Harvey, she said. The fact that the economy was growing before the storm helped the state get back on track. The Gulf Coast economy is fairly resilient and had a strong growth dynamic prior to Hurricane Harvey,” Jordan said. “The hurricane had only a temporary impact on job growth.”Hiring for manufacturing remains difficult, which could be a headwind for the industry in 2018, she said, because of the lack of skilled workers.As well as manufacturing, the service sector also saw growth in 2017, she said. The strengthening of the state’s economy contributed to the strong growth in t he industry.
Arab Bank Group reports net profits of $846.5 million for 2019
AMMAN: The Arab Bank Group closed 2019 with a net income of $846.5 million after tax compared with $820.5 million...
