With inflation rates expected to fall and the population continuing to rise, the outlook for the economy in North Texas looks bright in 2024, according to local industry experts.

The setup

Comerica Bank Chief Economist Bill Adams spoke at a Feb. 2 luncheon in Dallas hosted by Tech Titans, a Richardson-based nonprofit technology association. Following the speech, Adams was joined by other industry leaders for a panel featuring discussion about the region’s landscape in economics, politics and labor in 2024.

Jon Davis, senior vice president of motion recruitment partners, moderated the panel discussion.

Speakers on the panel included:What the experts say

Adams said he expects to see inflation fall back to 2% in year-over-year growth by the end of 2024. Inflation has already fallen close to the U.S. Federal Reserve’s goal, but some economic sectors are still feeling the effect of high inflation.

Prices of homeowners insurance and car insurance have increased because the expected cost of repairs has increased, Adams said. Other sectors, including the energy sector, have seen prices lower over the past year.

Energy prices have fallen because production is outpacing demand, which contributes to lower inflation, he said.

“What we’re actually seeing right now is energy prices have been coming down because U.S. petroleum production is at a record high,” Adams said. “And U.S. production of solar electricity is rising, I think, 70% year over year in the landscape.”

Zooming in

The economy in Texas is growing more than twice as fast as the national economy because people are moving to the state. The North Texas region is a magnet for people moving from other states, Adams said.

“We’re in an economy that has a chronic shortage of workers and of job seekers, and it's where the labor is and where the talent is that’s fueling economic growth,” he said.