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Monthly Review of the Texas EconomyMonthly Review of the Texas EconomyAli Anari2019-04-23T05:00:00Ztechnical-report
Texas Economy

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The Texas economy continues to grow faster than the U.S. but since September 2018 has been cooling off. (Figure 1). The state gained 271,000 nonagricultural jobs from March 2018 to March 2019, an annual growth rate of 2.2 percent, higher than the nation's employment growth rate of 1.7 percent (Table 1 and Figure 1). The nongovernment sector added 262,300 jobs, an annual growth rate of 2.5 percent, also more than the nation's employment growth rate of 1.9 percent in the private sector (Table 1).

Texas' seasonally adjusted unemployment rate in March 2019 was 3.8 percent, lower than the 4 percent rate in March 2018. The nation's rate decreased from 4 to 3.8 percent (Table 1).


Texas Employment Growt​​h Rates by Industry

Table 2 shows Texas industries ranked by employment growth rate from March 2018 to March 2019. All Texas industries except the information industry had more jobs in March 2019 than in March 2018. The mining and logging industry ranked first in job creation followed by construction; other services; manufacturing; leisure and hospitality; transportation, warehousing, and utilities; and education and health services. Figures 2 to 13 (shown in full report) show trends in employment growth rates by industry.

 

Texas Job Share​s 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 March 2019. Of the 12,693,700 nonagricultural jobs in March 2019, the highest percentage of employment by industry was in the government sector followed by the trade, professional and business services, education and health services, leisure and hospitality, and manufacturing. Since March 2018, professional and business services; education and health services, leisure and hospitality; manufacturing; construction; transportation, warehousing, and utilities; other services, and mining and logging have expanded their shares of Texas employment at the expense of 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 Employment ​Growth Rate by Industry

Texas' statewide employment growth rate of 2.2 percent, or more exactly 2.1815 percent, from March 2018 to March 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 March 2018 to March 2019. The state's leisure and hospitality industry ranked first in contribution to job growth followed by professional and business services, education and health services, manufacturing, construction, trade, and financial activities. 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 Metro​​​politan Areas

All Texas metro areas except Longview had more jobs in March 2019 than in March 2018 (Table 5). Midland ranked first in job creation followed by Odessa, Dallas-Plano-Irving, Sherman-Denison, College Station-Bryan, 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 Metr​​opolitan Area

Table 6 shows Texas metropolitan areas ranked by their shares of total Texas jobs in March 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 Texas' Employment​​ Growth Rate by Metropolitan Area

The statewide employment growth rate of 2.1815 percent in Texas from March 2018 to March 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 March 2018 to March 2019. Dallas-Plano-Irving ranked first followed by Houston-The Woodlands-Sugar Land, Austin-Round Rock, Fort Worth-Arlington, San Antonio-New Braunfels, McAllen-Edinburg-Mission, Midland, 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 Metropol​itan Area

The state's actual unemployment rate in March 2019 was 3.5 percent. Midland had the lowest unemployment rate followed by Odessa, Amarillo, Austin-Round Rock, College Station-Bryan, and Sherman-Denison (Table 8).

 

Employment Growth Rates by Indu​stry in Largest Texas Metropolitan Areas

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


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