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Monthly Review of the Texas EconomyMonthly Review of the Texas EconomyAli Anari2018-11-26T06:00:00Ztechnical-report
Texas Economy

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Texas continues to grow faster than the U.S. The state gained 384,800 nonagricultural jobs from October 2017 to October 2018, an annual growth rate of 3.1 percent, higher than the nation's employment growth rate of 1.7 percent (Table 1 and Figure 1). The nongovernment sector added 384,200 jobs, an annual growth rate of 3.7 percent, also more than the nation's employment growth rate of 2 percent in the private sector (Table 1).

Texas' seasonally adjusted unemployment rate in October 2018 was 3.7 percent, lower than the 3.9 percent rate in October 2017. The nation's rate decreased from 4.1 to 3.7 percent (Table 1). 
 


Texas Employment Gr​owth Rates by Industry

Table 2 shows Texas industries ranked by employment growth rate from October 2017 to October 2018. All Texas industries except the information industry had more jobs in October 2018 than in October 2017. The mining and logging industry ranked first in job creation followed by construction; professional and business services; transportation, warehousing, and utilities; and manufacturing. Figures 2 to 13 (shown in full report) show trends in employment growth rates by industry.​

 

Texas Job Shares by Industry and the ​Government Sector

Table 3 shows Texas industries and the state's government sector ranked by their shares of Texas jobs in October 2018. Of the 12,685,700 nonagricultural jobs in October 2018, the highest percentage of employment by industry was in the trade industry followed by government sector, professional and business services, education and health services, leisure and hospitality, and manufacturing. Since October 2017, professional and business services; manufacturing; construction; transportation, warehousing, and utilities; and mining and logging have expanded their shares of Texas employment at the expense of the trade, government sector, education and health services, leisure and hospitality, financial activities, 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​ Employment Growth Rate by Industry

Texas' statewide employment growth rate of 3.1 percent, or more exactly 3.1282 percent, from October 2017 to October 2018 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 October 2017 to October 2018. The state's professional and business services ranked first in contribution to job growth followed by trade, construction, education and health services, mining and logging, leisure and hospitality, and manufacturing. Figures 26 to 37 (shown in full report)​ show trends in contributions of Texas industries to Texas job growth rates. ​

 

Employment Growth Rates by Texas Metr​opolitan Areas

All Texas metro areas except Victoria had more jobs in October 2018 than in October 2017 (Table 5). Midland ranked first in job creation followed by Tyler, Houston-The Woodlands-Sugar Land, Austin-Round Rock, Sherman-Denison, and Dallas-Plano-Irving. Figures 38 to 63 (shown in full report)​ show trends in annual employment growth rates for the state's metropolitan areas.​

 

Texas Job Share​s by Metropolitan Area

Table 6 shows Texas metropolitan areas ranked by their shares of total Texas jobs in October 2018. 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 to Texas' Employment Growth Rate by Metropolitan Area

The statewide employment growth rate of 3.1282 percent in Texas from October 2017 to October 2018 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 October 2017 to October 2018. Houston-The Woodlands-Sugar Land ranked first followed by Dallas-Plano-Irving, Austin-Round Rock, Fort Worth-Arlington, San Antonio-New Braunfels, Midland, El Paso, Tyler, 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. ​

 

Unemploymen​t Rate by Metropolitan Area

The state's actual unemployment rate in October 2018 was 3.5 percent. Midland had the lowest unemployment rate followed by Amarillo, Odessa, Austin-Round Rock, College Station-Bryan, Lubbock, San Angelo, and Sherman-Denison (Table 8). ​

 

Employment Growth Rates by Industry in Largest Texas ​Metropolitan Areas

Table 9 shows annual growth rates of employment by industry in the six largest Texas metropolitan areas from October 2017 to October 2018. Houston-The Woodlands-Sugar Land's economy is currently driven by mining and construction; manufacturing, professional and business services; other services; financial activities, and trade, transportation and utilities. Dallas-Plano-Irving is currently experiencing positive employment growth rates in the government sector and in all industries. San Antonio's economy is currently driven by mining and construction, education and health services, other services, and manufacturing. Fort Worth-Arlington's economy is currently experiencing job growth rates in all industries except information industry and the government sector. Austin is currently experiencing positive employment growth rates in all industries except manufacturing. El Paso's economy is currently experiencing positive employment growth rates in the government sector and in all industries except manufacturing and information.​



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