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Takeaway: Lower oil prices means less babies being born in Texas.

Editor's Note: This is an excerpt from a recent research note by Hedgeye analyst Josh Steiner. Email sales@hedgeye.com for info on how you can subscribe to our institutional research.

$40 Oil = Less Babies Born In Houston - houst

Birth rates at the national level declined to -6.2% Y/Y...

...while those in Texas and Houston decelerated even more.

Texas saw birth rates fall in August to -8% Y/Y while Houston declined to -13.6% Y/Y. Those are the fastest rates of decline at the national, Texas and Houston levels since the Great Recession. 

$40 Oil = Less Babies Born In Houston - houston oil births