Even with a Hurricane, Texas Economy Thrives
Posted by Regent Property Group on Friday, October 27th, 2017 at 4:15pm. 670 Views
Even with the impacts of Hurricane Harvey, the Texas economy is continuing to create more jobs, according to the Monthly Review of the Texas Economy by Ali Anari with the Real Estate Center at Texas A&M University.
From September 2016 to September 2017, Texas gained 256,100 nonagricultural jobs for an annual growth rate of 2.1 percent. The national growth rate for the same time period was 1.2 percent. Texas nongovernmental jobs increased by 230,300, and this created an annual growth rate of 2.3 percent. The national growth rate was 1.4 percent. Job creation was led by the metro areas of Corpus Christi, College Station-Bryan, El Paso, Midland, Dallas-Plano-Irving, Fort Worth-Arlington, Austin-Round Rock, and Odessa.
The only industry not to add more jobs in September than in September 2016 was the information industry. Leading industries were mining and logging, manufacturing, other services, financial activities, transportation, warehousing, utilities, and professional and business services.
Seasonally adjusted unemployment in Texas was four percent in September 2017, compared to 4.7 percent in September 2016. Actual unemployment also was four percent. In the nation, unemployment decreased from 4.9 to 4.2 percent. Amarillo, Midland, Austin-Round Rock, College Station-Bryan, and Lubbock led the way with the lowest unemployment rates. The only metro areas not adding more jobs were Victoria, San Angelo, Waco, Texarkana, and Beaumont-Port Arthur, with the Beaumont area being impacted heavily by the hurricane.
Read economic reports from previous months and years at the Real Estate Center at Texas A&M University.
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