Texas Said To Be Gradually Recovering From Oil Downturn

tanks in front of a refineryTexas’ economy is slowly recovering from the impact of the 2015 oil price collapse, assert economists at the Real Estate Center at Texas A&M University.

According to the Real Estate Center’s latest Monthly Review of the Texas Economy, the state gained 181,800 nonagricultural jobs from March 2015 to March 2016, an annual growth rate of 1.5 percent, lower than the nation’s growth rate of 2 percent. The nongovernment sector added 148,400 jobs, an annual growth rate of 1.5 percent compared with 2.3 percent for the nation’s private sector, state the economists who prepared the report.

March 2016 was the third month the state’s economy posted an annual employment growth rate exceeding the annual growth rate in December 2015, indicating that the Texas economy has passed the worst impact of the downturn, they add.

Texas’ seasonally adjusted unemployment rate last month fell to 4.3 percent from 4.4 percent a year ago. The nation’s rate decreased from 5.5 to 5 percent.

All Texas industries except mining and logging, manufacturing, and transportation, warehousing and utilities had more jobs, according to the report. Leisure and hospitality ranked first in job creation followed by education and health services, trade, and financial activities.

All Texas metro areas except Victoria, Longview, Midland, and Odessa are reported to have had more jobs. Dallas-Plano-Irving ranked first in job creation, followed by College Station-Bryan, Austin-Round Rock, Sherman-Denison, Killeen-Temple, and Lubbock.

The state’s actual unemployment rate was reported as at 4.5 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 licensee fees, the Real Estate Center at Texas A&M University 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 Mays Business School at Texas A&M University.

Real Estate Center 
Media contact: Senior Editor David S. Jones at 979-845-2039 or d-jones@tamu.edu or Associate Editor Bryan Pope, 979-845-2088 or b-pope@tamu.edu.

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