BIG D’S BIG JOB GROWTH
Three Texas cities were among the strongest job markets in the country over the past year, according to preliminary data released Wednesday by the U.S. Department of Labor.
Between July 2007 and July 2008, the Dallas–Fort Worth area added 68,000 nonfarm jobs, growing 2.3 percent — the highest growth rate among the nation’s 12 largest metropolitan areas.
Right behind DFW were Houston and San Antonio. Both cities posted job growth of 2.2 percent.
Meanwhile, the nation as a whole lost 174,000 jobs, not seasonally adjusted, during the 12-month period.
Source: Dallas Morning News
Read MoreEMPLOYMENT NEWS STILL POSITIVE
The Texas economy continues to create more jobs albeit at decreasing rates while the nation’s labor market is losing jobs. Texas nonfarm employment rose 2.3 percent from June 2007 to June 2008 compared with a 0.1 percent decrease for the United States.
The state’s seasonally adjusted unemployment rate rose from 4.3 percent in June 2007 to 4.4 percent in June 2008.
Driven by higher oil prices, the state’s mining industry ranked first in job creation, followed by professional and business services, leisure and hospitality, construction, and education and health services industry.
All Texas metros experienced positive employment growth rates from June 2007 to June 2008. Smaller metro areas posted the highest employment growth rates. Longview ranked first in job creation followed by McAllen-Edinburgh-Mission, Odessa, College Station–Bryan, and Killeen–Temple–Fort Hood.
The state’s actual unemployment rate in June 2008 was 4.8 percent. Midland had the lowest unemployment rate, followed by Amarillo, Odessa, Abilene, San Angelo and Victoria.
Source: Real Estate Center
Read MoreMORE STRENGTH IN TEXAS LABOR MARKET
The Texas economy continues to produce more jobs than the national economy, according to the latest report from the Real Estate Center at Texas A&M University.
Texas nonfarm employment rose 2.2 percent from December 2006 to December 2007 compared with the 0.9 percent annual growth rate for the United States.
The state’s seasonally adjusted unemployment rate fell from 4.7 percent in December 2006 to 4.5 percent in December 2007.
The state’s mining industry ranked first in job creation, followed by professional and business services, the leisure and hospitality industry and the financial activities industry.
All Texas metro areas except Killeen–Temple–Fort Hood had positive employment growth rates from December 2006 to December 2007. McAllen-Edinburg-Mission ranked first in job creation followed by Tyler, Austin–Round Rock, and Brownsville-Harlingen. Midland had the lowest unemployment rate, followed by Amarillo, Lubbock, Odessa and College Station–Bryan.
Source: Real Estate Center
Read MoreTEXAS ECONOMY STILL ROBUST
The Texas economy is cooling off but continues to surpass the nation’s in employment growth rate and job creation, according to the Center’s latest “Monthly Review of the Texas Economy.”
According to Research Economist Ali Anari, Texas total nonfarm employment rose 2.2 percent from September 2005 to September 2006 compared with 1.3 percent for the United States. Laredo ranked first among the state’s 26 metro areas in annual employment growth rate during the period at 5.5 percent, followed by McAllen-Edinburg-Pharr (5.2 percent), Midland (4.6 percent) and Sherman-Denison (3.6 percent).
Texas’ construction industry ranked first in job creation with 36,800 new jobs, followed by the natural resources and mining industry (10,800), professional and business services industry (47,600), and the financial activities industry (18,800).
The state’s seasonally adjusted unemployment rate declined to 4.8 percent in September 2006, just slightly higher than the 4.6 percent U.S. rate.
Midland had the lowest unemployment rate (3.3 percent) in the state in September 2006, followed by Amarillo (3.6 percent), College Station–Bryan (3.7 percent) and Austin–Round Rock (3.8 percent).
For more information, see the full report at http://recenter.tamu.edu/econ
Read MorePREPARING FOR RECESSION? NOT LIKELY IN TEXAS
In Tuesday’s RECON, Real Estate Center Chief Economist Mark Dotzour raised the possibility of a national recession in the next 12 to 18 months.
That elicited this question from a RECON reader: How does one go about recession proofing a real estate business and personal portfolio?
Dotzour’s reply: “There is good news. Although the United States could have a recession, it’s highly possible that Texas won’t participate in it. Our economy is not overheated in the housing market, and we don’t have a lot of ailing auto plants in our state.
“When an economic cycle is near the top, the best plan for businesses is to not take on a lot of new debt. If revenues start to flatten, the people who can continue to meet their debt obligations will be around for the next cycle.”
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