The Texas economy continues to grow at a rate higher than the national average, according to the Real Estate Center’s latest Monthly Review of the Texas Economy.
The state gained 226,800 nonagricultural jobs from July 2011 to July 2012, an annual growth rate of 2.2 percent compared with 1.4 percent for the United States.
The state’s nongovernment sector added 260,400 jobs, an annual growth rate of 3 percent compared with 1.8 percent for the nation’s private sector.
Texas’ seasonally adjusted unemployment rate fell to 7.2 percent in July 2012 from 8.1 percent in July 2011. The nation’s rate decreased from 9.1 to 8.3 percent.
All Texas industries except the information industry had more jobs in July 2012 than in July 2011, but the state’s government sector continues to lose jobs. The state’s mining and logging industry ranked first in job creation, followed by the construction industry, the leisure and hospitality industry, and the professional and business services industry.
All Texas metro areas except Killeen-Temple-Fort Hood, Wichita Falls, Beaumont-Port Arthur, Abilene and Brownsville-Harlingen had more jobs in July 2012 than in July 2011. Texarkana ranked first in job creation followed by Odessa, Corpus Christi, Midland and Tyler.
The state’s actual unemployment rate in July 2012 was 7.5 percent. Midland had the lowest unemployment rate followed by Odessa, Amarillo, San Angelo and Abilene.
The Monthly Review of the Texas Economy was written by Center Research Economist Dr. Ali Anari and Chief Economist Dr. Mark Dotzour. It can be downloaded free from the Center’s website.
Source: Real Estate Center