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