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Monthly Review of the Texas EconomyMonthly Review of the Texas EconomyAli Anari2020-03-30T05:00:00Ztechnical-report
Texas Economy
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The Texas economy gained 314,500 nonagricultural jobs from February 2019 to February 2020, an annual growth rate of 2.5 percent, higher than the nation's employment growth rate of 1.6 percent (Table 1 and Figure 1). The nongovernment sector added 287,000 jobs, an annual growth rate of 2.7 percent, also more than the nation's employment growth rate of 1.7 percent in the private sector (Table 1).

Texas' seasonally adjusted unemployment rate in February 2020 was 3.5 percent, lower than the 3.6 percent rate in February 2019. The nation's rate decreased from 3.8 to 3.5 percent (Table 1).
 ​


Texas Employment G​rowth Rates by Industry

​​Table 2 shows Texas industries ranked by employment growth rate from February 2019 to February 2020. All Texas industries except mining and logging industry had more jobs in February 2020 than in February 2019. The construction industry ranked first in job creation followed by transportation, warehousing, and utilities; professional and business services; other services; leisure and hospitality; education and health services; and financial activities. Figures 2 to 13 (shown in full report) show trends in employment growth rates by industry.


Texas Job Shares by ​Industry and t​​he Government Sector

Table 3 shows Texas industries and the state’s government sector ranked by their shares of Texas jobs in February 2020. Of the 13,024,300 nonagricultural jobs in February 2020, the highest percentage of employment by industry was in the government sector followed by trade, professional and business services, education and health services, leisure and hospitality, and manufacturing. Since February 2019, professional and business services; education and health services; leisure and hospitality; financial activities; construction; transportation, warehousing, and utilities; and other services have expanded their shares of Texas employment at the expense of the government sector, trade, manufacturing, mining and logging, and the information industry. Figures 14 to 25 (shown in full report)​ show trends in shares of total Texas jobs by industry.


​​Contributions to Texas Emp​loyment Growth Rate by Industry

Texas’ statewide employment growth rate of 2.5 percent, or more exactly 2.4745 percent, from February 2019 to February 2020 is the weighted average of employment growth rates for all Texas industries for the period. Weights are shares of jobs by industry. The contribution of each industry to the statewide employment growth rate is equal to the employment growth rate of that industry multiplied by its share of Texas jobs. Table 4 shows Texas industries and the state’s government sector ranked by their contributions to Texas employment growth rates from February 2019 to February 2020. Professional and business services ranked first in contribution to job growth followed by education and health services; leisure and hospitality; construction; government sector; and transportation, warehousing, and utilities. Figures 26 to 37 (shown in full report)​ show trends in contributions of Texas industries to Texas job growth rates.


Employmen​​t Growth Rates by Texas Metropolitan Areas

All Texas metros except San Angelo, Longview, Victoria, and Odessa had more jobs in February 2020 than in February 2019 (Table 5). Austin-Round Rock and Dallas-Plano-Irving ranked first in job creation followed by College Station-Bryan, Fort Worth-Arlington, Abilene, Houston-The Woodlands-Sugar Land, and McAllen-Edinburg-Mission. Figures 38 to 63 (shown in full report)​ show trends in annual employment growth rates for the state’s metropolitan areas.

 

​​​Texas Job Shares by Metropolitan Area

Table 6 shows Texas metropolitan areas ranked by their shares of total Texas jobs in February 2020. Houston-The Woodlands-Sugar Land had the largest share of Texas jobs followed by Dallas-Plano-Irving, Austin-Round Rock, Fort Worth-Arlington, San Antonio-New Braunfels, El Paso, and McAllen-Edinburg-Mission. Figures 64 to 89 (shown in full report)​ show trends in metropolitan shares of total Texas jobs.

 

Contributions t​​o Texas' Employment Growth Rate by Metropolitan Area

The statewide employment growth rate of 2.4745 percent in Texas from February 2019 to February 2020 is the weighted average of employment growth rates of all Texas metros for the period. Weights are shares of jobs by area. The contribution of each metro to the statewide employment growth rate is equal to the employment growth rate in that area multiplied by its share of Texas jobs. Table 7 shows Texas metros ranked by their contributions to Texas employment growth rates from February 2019 to February 2020. Dallas-Plano-Irving ranked first followed by Houston-The Woodlands-Sugar Land, Austin-Round Rock, Fort Worth-Arlington, San Antonio-New Braunfels, El Paso, and McAllen-Edinburg-Mission. Figures 90 to 115 (shown in full report)​​ show trends in contributions of Texas metros to total Texas job growth rates.

 

​​Unemployment Rate by Metropolitan Area

The state’s actual unemployment rate in February 2020 was 3.6 percent. Midland had the lowest unemployment rate followed by Amarillo, Austin-Round Rock, College Station-Bryan, and Lubbock (Table 8).

 

Employment Growth Rates by Indust​ry in Largest Texas Metropolitan Areas

Table 9 shows annual growth rates of employment by industry in the six largest Texas metropolitan areas from February 2019 to February 2020. Houston-The Woodlands-Sugar Land is currently experiencing positive employment growth rates in the government sector and in all industries except manufacturing. Dallas-Plano-Irving and Austin-Round Rock posted employment growth in their government sectors and in all industries. San Antonio-New Braunfels is currently experiencing employment growth in the area's government sector and in all industries except information. Fort Worth-Arlington's economy is currently driven by leisure and hospitality, education and health services, other services, professional and business services, and financial activities. El Paso's economy is currently experiencing positive employment growth rates in the government sector and in all industries except manufacturing.  

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Previous reports available: 

Digital and Print1862https://www.recenter.tamu.edu/articles/technical-report/monthly-review-of-the-texas-economy https://assets.recenter.tamu.edu/Documents/Articles/1862.pdf

 

 

Monthly Review of the Texas EconomyMonthly Review of the Texas EconomyTexas Economy
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