Texas Economy Continues to Outpace U.S. Economy
Posted by Regent Property Group on Friday, April 27th, 2018 at 11:59am. 450 Views
The Texas economy is continuing to outpace the United States economy in job creation, even with a strong performance nationally, according to the Real Estate Center at Texas A&M University’s Monthly Review of the Texas Economy.
From March 2017 to March 2018, Texas gained 294,100 nonagricultural jobs for a 2.4 percent growth rate, compared to a U.S. growth rate of 1.5 percent. During the same time period, Texas gained 289,100 nongovernment sector jobs for a 2.8 percent growth rate, compared to a U.S. growth rate of 1.8 percent.
The seasonally adjusted unemployment rate in Texas for March 2018 was four percent, compared to a 4.6 percent rate in March 2017. The unemployment rate nationally was 4.5 percent, compared to 4.1 percent in March 2017. Austin had a 3.1 percent unemployment rate, the fourth best in the state, following Midland, Amarillo, and College Station-Bryan, and tied by Odessa.
Mining and logging had the highest rate in job creation, at a 12.92 percent increase in March 2018 compared to March 2017. The only industry to experience a drop in job creation was the information industry, which was down about 4,100 jobs, for a 2.01 percent decrease.
Of Texas’ metropolitan areas, Midland and Odessa ranked first and second in job creation, with employment growth rates of 9.3 percent and 6.2 percent, respectively. College Station was third with a 4.8 percent increase, Austin-Round Rock was fourth with a 3.5 percent increase, and Dallas-Plano-Irving was fifth with a three percent increase. Statewide, the employment growth rate was 2.4 percent.
Houston-The Woodlands-Sugar Land had the highest proportion of jobs in the state in March 2018, with 24.7 percent of Texas jobs. Dallas-Plano-Irving had 21.1 percent of Texas jobs. Austin-Round Rock, San Antonio-New Braunfels, and Fort Worth-Arlington had much smaller percentages of Texas jobs in March of 2018, with 8.5, 8.4, and 8.4 percent, respectively.
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