The latest revised Texas employment data indicates that the worst of the oil price collapse’s impacts on the Texas economy may be over, but the state still lags slightly behind key national job-growth averages, according to researchers at the Real Estate Center at Texas A&M University.
In the Real Estate Center’s Monthly Review of the Texas Economy, the researchers say the state gained 188,500 nonagricultural jobs from January 2015 to January 2016, an annual growth rate of 1.6 percent, lower than the nation’s growth rate of 1.9 percent. The nongovernment sector added 163,700 jobs, an annual growth rate of 1.7 percent compared with 2.2 percent for the nation’s private sector.
Texas’ seasonally adjusted unemployment rate increased from 4.4 to 4.5 percent. The nation’s rate decreased from 5.7 to 4.9 percent.
All Texas industries except mining and logging and manufacturing had more jobs. Leisure and hospitality ranked first in job creation followed by education and health services, construction, financial activities, and trade.
All Texas metro areas except Victoria, Longview, Midland and Odessa had more jobs. Austin-Round Rock ranked first in job creation, followed by Dallas-Plano-Irving, College Station-Bryan, Killeen-Temple-Fort Hood, Lubbock and El Paso
The state’s actual unemployment rate in January was 4.4 percent. Amarillo had the lowest unemployment rate, followed by Austin-Round Rock, Lubbock, College Station-Bryan, Dallas-Plano-Irving, and San Antonio-New Braunfels.
Funded primarily by Texas real estate license fees, the Real Estate Center was created by the state legislature in 1971 to meet the needs of many audiences, including the real estate industry, instructors, researchers and the general public. The Center is part of Texas A&M’s Mays Business School at Texas A&M.