The Texas economy is recovering from the 2014–16 oil price collapse and is leading the U.S. in job creation, according to the Texas A&M University Real Estate Center’s latest Monthly Review of the Texas Economy.
Texas gained 319,300 nonagricultural jobs from June 2016 to June 2017, an annual growth rate of 2.7 percent, higher than the nation’s employment growth rate of 1.6 percent. The state’s nongovernment sector added 283,800 jobs, an annual growth rate of 2.8 percent, higher than the nation’s employment growth rate of 1.7 percent in the private sector.
Texas’ seasonally adjusted unemployment rate in June was 4.6 percent, lower than 4.7 percent a year ago. The nation’s rate decreased from 4.9 to 4.4 percent.
All Texas industries except the information industry had more jobs. The mining and logging industry ranked first in job creation followed by other services; transportation, warehousing, and utilities; education and health services; financial activities; and manufacturing.
All Texas metro areas except Waco, Wichita Falls, San Angelo, and Texarkana, had more jobs. Dallas-Plano-Irving ranked first in job creation followed by El Paso, Killeen-Temple-Fort Hood, Corpus Christi, McAllen-Edinburg-Mission, Fort Worth-Arlington, and Austin-Round Rock.
The state’s actual unemployment rate was 4.7 percent. Amarillo had the lowest unemployment rate followed by Austin-Round Rock, Midland, College Station-Bryan, Lubbock, San Antonio-New Braunfels, and Sherman-Denison.
The full economic report is available online at http://txrec.io/2qXkxKv.
Funded primarily by Texas real estate licensee 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 public. The Center is part of Mays Business School at Texas A&M University.
Media contact: Real Estate Center Senior Editor David S. Jones, 979-845-2039