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Monthly Review of the Texas EconomyMonthly Review of the Texas EconomyAli Anari2019-06-25T05:00:00Ztechnical-report
Texas Economy

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The Texas economy continues to grow faster than the U.S. (Figure 1). The state gained 286,300 nonagricultural jobs from May 2018 to May 2019, an annual growth rate of 2.3 percent, higher than the nation's employment growth rate of 1.6 percent (Table 1 and Figure 1). The nongovernment sector added 277,000 jobs, an annual growth rate of 2.6 percent, also more than the nation's employment growth rate of 1.8 percent in the private sector (Table 1).

Texas' seasonally adjusted unemployment rate in May 2019 was 3.5 percent, lower than the 3.9 percent rate in May 2018. The nation's rate decreased from 3.8 to 3.6 percent (Table 1).
 


Texas Employment Growt​​h Rates by Industry

Table 2 shows Texas industries ranked by employment growth rate from May 2018 to May 2019. All Texas industries except the information industry had more jobs in May 2019 than in May 2018. The mining and logging industry ranked first in job creation followed by construction, other services, leisure and hospitality, manufacturing, financial activities, and professional and business services. Figures 2 to 13 (shown i​n full report) show trends in employment growth rates by industry


Texas Job Share​s by Indus​​try and the Government Sector

Table 3 shows Texas industries and the state’s government sector ranked by their shares of Texas jobs in May 2019. Of the 12,751,400 nonagricultural jobs in May 2019, 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 May 2018, professional and business services, education and health services, leisure and hospitality, manufacturing, financial activities, construction, other services, and mining and logging have expanded their shares of Texas employment at the expense of the government sector; trade; 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 Employ​​​ment ​Growth Rate by Industry

Texas' statewide employment growth rate of 2.3 percent, or more exactly 2.2968 percent, from May 2018 to May 2019 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 May 2018 to May 2019. The state's professional and business services ranked first in contribution to job growth followed by education and health services, leisure and hospitality, construction, manufacturing, financial activities, and trade. Figures 26 to 37 (shown in full report) show trends in contributions of Texas industries to Texas job growth rates.


​Employm​​ent Growth Rates by Texas Metropolitan Areas

All Texas metro areas except Longview and Abilene had more jobs in May 2019 than in May 2018 (Table 5). Dallas-Plano-Irving ranked first in job creation followed by Midland, Sherman-Denison, College Station, Houston-The Woodlands-Sugar Land, Odessa, Killeen-Temple-Fort Hood, 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 May 2019. Houston-The Woodlands-Sugar Land had the largest share of Texas jobs followed by Dallas-Plano-Irving, Austin-Round Rock, San Antonio-New Braunfels, Fort Worth-Arlington, El Paso, and McAllen-Edinburg-Mission. Figures 64 to 89 (shown in full report) show trends in metropolitan shares of total Texas jobs.

 

Contributions to T​​exas' Employment Growth Rate by Metropolitan Area

The statewide employment growth rate of 2.2968 percent in Texas from May 2018 to May 2019 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 May 2018 to May 2019. Dallas-Plano-Irving ranked first followed by Houston-The Woodlands-Sugar Land, Austin-Round Rock, San Antonio-New Braunfels, Fort Worth, McAllen-Edinburg-Mission, and El Paso. 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 May 2019 was 2.9 percent. Midland had the lowest unemployment rate followed by Amarillo, Odessa, Austin-Round Rock, College Station-Bryan, and Lubbock (Table 8).

 

Employment Growth Rates by Indus​​try in Largest Texas Metropolitan Areas

Table 9 shows annual growth rates of employment by industry in the six largest Texas metropolitan areas from May 2018 to May 2019. Houston-The Woodlands-Sugar Land, Dallas-Plano-Irving, and San Antonio are currently experiencing positive employment growth rates in the government sector and in all industries except information. Fort Worth-Arlington's economy is currently driven by financial activities; manufacturing; trade, transportation, and utilities; and education and health services. Austin is currently experiencing positive employment growth rates in the government sector and in all industries. El Paso's economy is currently experiencing positive employment growth rates in the government sector and in all industries except manufacturing and professional and business services.


To see the previous month's report, click here. For the report from a year ago, click here

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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