Texas Economy Rebounding from Oil Slump
published on June 13, 2016
Texas’ economy is showing signs of recovery following impacts from a 2015 drop in oil prices, according to the Real Estate Center at Texas A&M University’s Monthly Review of the Texas Economy. In April 2016, Texas had its fourth month with an annual employment growth rate exceeding the annual growth rate in December 2015, which indicates that the worst of the downturn has passed.
Texas gained 187,500 nonagricultural jobs from April 2015 to April 2016 for an annual growth rate of 1.6 percent. The nongovernment sector also grew its annual rate by 1.6 percent, adding 154,000 jobs.
The seasonally adjusted unemployment rate was 4.4 percent in April 2016, the same rate as April 2015. The actual unemployment rate for the state was 4.2 percent. Amarillo had the lowest unemployment rate, with Austin-Round Rock, Lubbock, College Station-Bryan, Dallas-Plano-Irving, and San Antonio-New Braunfels following at the head of the pack.
Almost all Texas metros have experienced growth in jobs over the last year, excluding only Longview, Midland, and Odessa. Dallas-Plano-Irving led the state in job creation and was followed by Austin-Round Rock, College Station-Bryan, Lubbock, and Killeen-Temple-Fort Hood.
As far as Texas’ industries, leisure and hospitality ranked first in job creation. It was followed by education and health services, trade, other services, construction, and financial activities. All industries except mining and logging, manufacturing, and information industry experienced growth in jobs in April 2016, compared to April 2015.
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