Economy Still Strong in Texas

Non-agricultural employment rates in the state of Texas rose more than twice that of the nation as a whole between March of 2007 and 2008 – 2 percent compared with the national average of less than .5 percent. The unemployment rate also fell slightly during the same period – from 4.4 to 4.3 percent.

Employment and housing figures continue to be strong in the state, a good indication of a very strong economy, and Texas continues to be a prime relocation destination. 

While higher oil prices mean higher prices at the gas pump and home heating bills, it has helped the Texas oil and natural gas industry grow. The Texas mining industry has created the most jobs during the past year, followed closely by the professional and business services industry, which added over 46,000 jobs. Leisure and hospitality are next, adding 40,000 jobs during the year. 

Education and health services created over 26,000 jobs during the period of March 2007 to March 2008, a gain of 2.9 percent, while the trade industry grew 33,200 jobs, an annual growth rate of 2 percent. In other service industries – repair and maintenance, personal services, religious and civic organizations – over 4,000 jobs were created during this same period. 

In the financial sector – real estate, insurance, rental and leasing services – over 5,000 jobs were added, an annual rate of just under 1 percent. Transportation, warehousing, and utilities gained over 3,000 jobs and state government added over 10,000 jobs to the pool. The information industry posted a much smaller gain – 300 jobs – which translates to an increase of a tenth of a percent. Manufacturing posted a net loss of about 500 jobs.

Overall, the latest employment figures indicate a strong state-wide economy, despite the nation-wide downturns.

Thanks for reading!

Joe

Joe Cline works in Austin Texas Real Estate. If you are looking to buy, sell, or lease Austin Real Estate, it would be my pleasure to help.

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