Revised employment data for Texas released in March 2012 show that the state’s economy is currently experiencing a “more solid economic recovery than before,” according to the Real Estate Center’s latest Monthly Review of the Texas Economy.
The economy gained 266,200 nonagricultural jobs from February 2011 to February 2012, an annual growth rate of 2.6 percent compared with 1.6 percent for the United States. The state’s nongovernment sector added 319,000 jobs, an annual growth rate of 3.7 percent compared with 2.1 percent for the nation’s private sector.
Texas’ seasonally adjusted unemployment rate fell to 7.1 percent in February 2012 from 8 percent a year ago. The nation’s rate decreased from 9 to 8.3 percent.
All Texas industries except the information industry and the state’s government sector had more jobs this February than last. The state’s mining and logging industry ranked first in job creation, followed by the leisure and hospitality, other services, and the professional and business services industry.
All Texas metro areas except Abilene, Beaumont-Port Arthur, Waco and Wichita Falls had more jobs than a year ago. Odessa ranked first in job creation followed by Laredo, Corpus Christi, San Angelo and Midland.
The state’s actual unemployment rate in February was 7.2 percent. Midland had the lowest unemployment rate followed by Odessa, Amarillo, Lubbock, San Angelo and Abilene.
Source: Real Estate Center