The Texas economy continued to add new jobs to payrolls across the state in August. This marks 26 consecutive months of employment gains, according to the latest figures released by the state.
On Friday, the Texas Workforce Commission (TWC) released its monthly labor report. It showed that, in August, the Lone Star State added 32,000 nonfarm jobs and 32,800 private-sector positions. The state’s unemployment rate dropped from 4.0 percent in July to 3.9 percent in August. The U.S. unemployment rate for August was 3.9 percent.
From August 2017 to August 2018, Texas added 394,500 nonfarm jobs for an annual employment growth rate of 3.2 percent. From that, goods-producing industries placed strongest at 6.4 percent annual growth.
The state’s service-providing sector and professional, business services, trade, transportation, and utilities experienced the largest gains between July and August. Manufacturing led the three goods-producing industries — up 3,200 jobs. Mining and logging, under which the state includes in the energy sector, added 2,700 new jobs. Construction grew by 900 jobs.
“Texas’ world-class employers and highly-skilled workforce continues to demonstrate competitive advantages and provide marketplace opportunities that keep our state the best in the country to do business,” said TWC Chair Ruth Ruggero Hughs. In addition to the 32,000 nonfarm jobs, Hughs said the commission was “encouraged to see the Texas economy continues to expand with private-sector employers adding 32,800 jobs in August and accounting for an impressive 390,100 jobs over the year.”
The shale oil-rich Midland Metropolitan Statistical Area (MSA), home to the powerhouse Permian Basin, recorded the state’s lowest unemployment rate at 2.2 percent in August.
In June, Breitbart Texas reported the region was expected to double its crude oil output to reach 5.4 million barrels per day by 2023. One month later, Midland was named the “hottest” housing market in the nation in response to people flocking to the area for good paying energy sector jobs.
In September, the U.S. became the world’s top oil producer, according to the U.S. Energy Information Administration (EIA). The last time it held the top spot was 1973. The EIA credited the Permian Basin for its role in that growth.
Also, in August, Amarillo’s diverse economy netted the West Texas city second place with a 2.8 percent unemployment rate. Midland’s neighboring city Odessa placed third for its joblessness at 2.9 percent. The Austin-Round Rock MSA followed with the state’s fourth-lowest unemployment rate at 3 percent. Lubbock landed at 3.2 percent while San Angelo dropped slightly to 3.3 percent. The Dallas-Plano-Irving and San Antonio-New Braunfels MSAs each had 3.5 percent unemployment rates. Houston-The Woodlands-Sugar Land came in at 4.3 percent, although this was lower than the 4.4 percent it had in July.
“Texas is the exemplar of the fast-growing region where mobile America still is moving and finding jobs and housing,” said Susan Wachter, a professor of real estate at the Wharton School of the University of Pennsylvania, in the current Money Magazine article “Texas is the Best Place to Live in America Right Now. Here’s Why.” Wachter added: “Job growth is expanding in Texas as fast as anywhere.”
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TAGS: Economics, Texas economy, Texas Workforce Commission