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Highlighting the dynamic economy of Texas, northern Louisiana and southern New Mexico

Isabel Brizuela, Emily Kerr, Pia Orrenius and Madeline Zavodny

Findings from the Dallas Fed Texas Business Outlook Surveys (TBOS) suggest immigration policy changes will negatively affect the ability to hire and retain foreign-born workers at one in five Texas businesses this year.

Dallas Fed economist Christa Deneault discusses her research examining how teaching certifications earned from for-profit providers stack up against those earned through more conventional means.

Garheng Kong, a physician by training who founded Austin-based HealthQuest Capital in 2012, discusses his outlook for the industry and why his firm is based in Austin.

Luis Torres and Diego Morales-Burnett

Texas’ overall pace of economic growth is trending lower, with payroll employment declining in June, a marked turn from robust job gains earlier in 2025.

Brendan Kelly

Understanding Mexico’s evolving economic linkages with East Asia and China is critical to the future of the United States–Mexico–Canada Agreement (USMCA trade accord) and the nearshoring and integration of North American manufacturing supply chains.

Ben Munyan

Banks in the Federal Reserve Eleventh District have adapted to rising interest rates, which have discouraged new borrowing and complicated the transition to higher-earning loan portfolios, while credit remains strong as borrowers continue to make payments amidst economic growth.

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Southwest Economy

Southwest Economy is published by the Federal Reserve Bank of Dallas. The views expressed are those of the authors and should not be attributed to the Federal Reserve Bank of Dallas or the Federal Reserve System.

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