Texas Job Market Shows Signs of Recovery as Recession Fades – My MBA Career

Last Updated on August 20, 2023 by Robert C. Hoopes

Title: Texas Adds 26,300 Jobs in July, Marking 28 Months of Continuous Growth

The Texas Workforce Commission (TWC) has released its July jobs report, showcasing another strong month of job growth. The Lone Star State added an impressive 26,300 jobs in July, continuing a growth trend that has been ongoing for 28 months since COVID-19 vaccines were rolled out in the U.S.

Texas has emerged as a leader in job growth, adding a total of 441,700 jobs since last year. This remarkable achievement positions the state ahead of others in the country. TWC Chairman Bryan Daniel asserts that Texas has established itself as a powerhouse in sustainable job growth, citing the addition of over 2.7 million positions in the past decade.

Despite concerns of a potential recession, Texas’ economy remains robust, with low job layoffs and a high number of job openings. The state’s unemployment rate stands at a stable 4.1%, surpassing the national average by 1.6 percentage points in labor force participation. This underscores Texas’ resilience and ability to provide opportunities for its workforce.

The sectors experiencing the most significant growth in June include Leisure and Hospitality, Manufacturing, and Private Education and Health Services. These industries are driving job creation and fueling the state’s economic expansion. However, it’s worth mentioning that some sectors, including Professional and Business Services, Information, and Mining and Logging, experienced job losses.

In terms of wages, all private sector jobs in Texas witnessed an average increase of $1.94 or 6.5% in 2022. Certain sectors, including Construction, Manufacturing, Finance, and Leisure and Hospitality, exceeded the average wage increase, indicating strong wage growth in specific industries. This further reinforces the state’s flourishing job market and prosperity.

TWC Executive Director Ed Serna expresses confidence in Texas’ economy and dismisses concerns raised by external factors impacting the nation as a whole. Serna believes that Texas maintains a unique position, largely shielded from these influences, and remains optimistic about the state’s future economic performance.

With its consistent track record of job growth, the Texas Workforce Commission is eagerly looking forward to bringing more positive jobs reports in the future. Texas’ ability to weather challenges and provide ample opportunities for its workforce demonstrates the state’s commitment to sustaining a flourishing economy.