According to the Federal Reserve Bank of Dallas (FRBD), Texas has been home to more job growth than any other state since 2000. This is true for all pay levels said the report, which was released on March 31. One key industry bolstering growth in the state is manufacturing.
The report stated, “Texas has produced hundreds of thousands of well-paying jobs across most industries since 2000, making Texas the top destination for domestic migrants since 2006… [the state’s] job growth since 2000 has been much more proportional than in the rest of the nation, where net new jobs have been concentrated at the bottom and top of the wage distribution and the middle has shrunk further.”
Unsurprisingly, Texas Governor Rick Perry took the report as an opportunity to conservative, pro-business policies as a catalyst for the economic growth.
“Texas’ conservative fiscal principles continue to be a national example for stimulating job growth at all wage levels and creating opportunity for families,” Gov. Perry said in a statement. “Employers know Texas gives them the best chance at success because our limited government approach leaves more money in their pockets, allowing them to risk their capital, create jobs and see a return on their investment.”
Manufacturing has been critical to job creation in Texas. According to statistics released by FRBD, factory activity in the state has increased for 11 consecutive months.
“The production index, a key measure of state manufacturing conditions, rose from 10.8 to 17.1, indicating output grew at a stronger pace than in February,” the FRBD report stated.
Breitbart Texas recently reported on the recent diversification of Texas’ growing industries. In the 1970s and 1980s, the Texas economy was almost completely dependent on oil and gas which made it vulnerable to boom and bust swings.
Karr Ingham, a Texas-based gas and oil economist said in an interview with Breitbart Texas, “Even though the oil industry and gas has been thriving in recent years, the Texas economy is no longer dependent on it for ups and downs… The state economy is now a powerhouse. It is more than just an oil and gas economy; it is an industrial economy, a tech economy, a business economy, a manufacturing economy.”
The expansion of industries across the board has allowed Texas to outshine the nation when it comes to job growth. Texas unemployment rate is currently about 5.7 percent. It has been consistently below the national average, which currently stands at 6.7 percent, for 85 months in a row.
Breitbart Texas recently reported that Lone Star cities dominated Wallet Hub’s new ranking of America’s best cities for job seekers. Fort Worth was named the nation’s number one city for jobs. Arlington, Dallas, Austin, and Houston also made the top ten. Wallet Hub compiled the list “using 13 unique metrics, ranging from job openings per capita and industry variety to cost of living and the prevalence of employer-provided health benefits.”
Experts claim that as long as Texas continues to grow in a variety of industry categories, the economic climate and job growth will likely remain strong.
“Is it possible that the Texas economy will experience cyclical movement in one direction or the other? Absolutely,” Ingham said. “But with diversification, we are in a much better positioned in terms of experiencing a long period of economic difficulty like we did in the 1980’s… Texas has a lot going for it.”
Follow Kristin Tate on Twitter @KristinBTate