Texas’ labor market has recovered from the onslaught of Hurricane Harvey. The state gained 316,100 non-agricultural jobs from October 2016 to October 2017, an annual growth rate of 2.6 percent, higher than the nation’s employment growth rate of 1.4 percent.
According to the Real Estate Center’s latest Monthly Review of the Texas Economy, the nongovernment sector added 279,300 jobs, an annual growth rate of 2.8 percent, also higher than the nation’s employment growth rate of 1.6 percent in the private sector.
Texas’ seasonally adjusted unemployment rate in October 2017 was 3.9 percent, lower than the 4.8 percent rate in October 2016. The nation’s rate decreased from 4.8 to 4.1 percent.
All Texas industries except the information industry had more jobs in October 2017 than in October 2016. The mining and logging industry ranked first in job creation followed by other services, manufacturing, financial activities, leisure and hospitality, professional and business studies, and transportation, warehousing, and utilities.
All Texas metro areas except Texarkana, Waco, and Beaumont-Port Arthur had more jobs in October 2017 than in October 2016. College Station-Bryan ranked first in job creation followed by Corpus Christi, San Antonio-New Braunfels, Killeen-Temple-Fort Hood, Dallas-Plano-Irving, and Fort Worth-Arlington.
The state’s actual unemployment rate in October 2017 was 3.5 percent. Amarillo had the lowest unemployment rate followed by Midland, College Station-Bryan, Austin-Round Rock, and Lubbock.
by Ali Anari, November 27, 2017 (Texas A&M University – Real Estate Center)
Monthly Review provided by Keller Williams Dallas Metro North. Call us today for help with your real estate needs!