DFW employment growth slows while retail gains strength

DALLAS-FORT WORTH – Employment growth is slowing, but not enough to deter consumer confidence or what industry observers call a strengthening retail market in North Texas.

Between January 2014 and January 2015, Dallas-Fort Worth’s non-farm employment grew 4.4 percent, according to the U.S. Bureau of Labor Statistics, better than the national rate of 2.3 percent in the same period.

Despite Texas’ 2014 employment growth, 2015 started out weaker. Employers in 31 states cut jobs in March, with energy companies leading the charge. Texas lost the most, with 25,400 jobs pared.

The month saw the U.S. employment rate stall at 5.5 percent. Despite the dip, consumers are spending money and appear upbeat.

“We’re almost back in alignment of where we were in 2006-’07,” said John Chang, first vice president of research services for Marcus & Millichap Real Estate Investment Services, describing consumer confidence as recovering to pre-recessionary days.

“Consumer confidence improved in March after retreating in February. This month’s increase was driven by an improved short-term outlook for both employment and income prospects; consumers were less upbeat about business conditions,” said Lynn Franco, director of economic indicators with The Conference Board.

Helping boost retail is online commerce, with Internet sales up 65 percent compared to pre-recession numbers, Chang said. Such transactions represent 11 percent of the nation’s total retail activity, up from 5 percent just ten years ago.

For more employment data, visit the Texas Workforce Commission.