Both the U.S and the Texas labor markets hit bottom in August 2009 and since then have been losing jobs at decreasing rates. Texas’ job loss rate has decreased from 4 percent in August 2009 to 2.3 percent in February 2010. Over the same period, the U.S. job loss rate has decreased from 5 percent to 2.5 percent.
The state’s seasonally adjusted unemployment rate rose from 6.8 percent in February 2009 to 8.2 percent in February 2010, while the U.S. rate rose from 8.2 percent to 9.7 percent during the same period.
Only one Texas industry, education and health services, and the government sector had more jobs in February 2010 than in February 2009. Ten other industries experienced net job losses over the same period.
Four Texas metro areas had positive employment growth rates from February 2009 to February 2010. They were College Station–Bryan, Killeen–Temple–Fort Hood, Waco and McAllen-Edinburg-Mission. Twenty-two metro areas had net job losses.
The state’s actual unemployment rate in February 2010 was 8.3 percent. Amarillo had the lowest unemployment rate followed by Midland, College Station–Bryan and Lubbock.
The Real Estate Center’s complete monthly Texas economic review is available online.