Monthly Review of the Texas Economy May 2012

Size: px

Start display at page:

Download "Monthly Review of the Texas Economy May 2012"

Geoffrey Casey
6 years ago
Views:

2 Monthly Review of the Texas Economy May 1 The Texas economy created 1,5 nonagricultural jobs from April 11 to April 1, an annual growth rate of percent compared with 1.3 percent for the United States (Table 1 and Figure 1). The state s nongovernment sector added 67, jobs, an annual growth rate of 3.1 percent compared with 1.8 percent for the nation s private sector (Table 1). Texas seasonally adjusted unemployment rate fell to 6.9 percent in April 1 from 8 percent in April 11. The nation s rate decreased from 9 to 8.1 percent (Table 1). Table shows Texas industries ranked by employment growth rate from April 11 to April 1. Table 3 shows the relative importance of the state s industries based on number of employees. All Texas industries had more jobs in April 1 than in April 11 but the state s government sector continues to lose jobs. The state s mining and logging industry ranked first in job creation, followed by the leisure and hospitality industry and other services industry. The state s mining and logging industry gained 3,5 jobs, an annual employment growth rate of 1.3 percent, ranking first in job creation from April 11 to April 1 (Table and Figure ). Texas leisure and hospitality industry (arts, entertainment, recreation, accommodations and food services) gained 3,8 jobs from April 11 to April 1, an annual growth rate of. percent (Table and Figure 3). The other services industry (repair and maintenance, personal and laundry services, religious, civic and professional organizations) gained 13,9 jobs over the year, a 3.8 percent increase (Table and Figure ). Texas education and health services industry added 5,5 jobs from April 11 to April 1, an annual growth rate of 3.7 percent (Table and Figure 5). Job gains consisted of 38, jobs in the state s health services industry and 1,5 jobs in the state s education industry. The state s manufacturing industry gained, jobs from April 11 to April 1, an annual growth rate of 3 percent (Table and Figure 6). Job gains comprised 19,5 jobs in the state s durable manufacturing and,9 jobs in the state s nondurable manufacturing. Major job gains in the state s durable goods manufacturing industry were in fabricated metal product manufacturing (8, jobs), machinery manufacturing (9,3), transportation equipment manufacturing (3,6), primary metal manufacturing (1,5), and electric equipment, appliance and component manufacturing (5). Major job losses in the state s durable goods manufacturing industry were in nonmetallic mineral product manufacturing (1,3), furniture and related product manufacturing (7), wood product manufacturing (6), and computer and electronic product 1

3 manufacturing (3). Major job gains in the state s nondurable manufacturing industry were in chemical manufacturing (8), petroleum and coal products manufacturing (5), and beverage and tobacco product manufacturing (). Major job losses in this industry were in food manufacturing (1,7), printing and related support manufacturing (1,1) and paper manufacturing (3). The state s transportation, warehousing and utilities industry gained 11,6 jobs over the year, a.7 percent growth rate (Table and Figure 7). The state s professional and business services industry gained 31,9 jobs from April 11 to April 1, an annual growth rate of. percent (Table and Figure 8). Job gains consisted of, jobs in the state s administrative and support services industry and 11,9 jobs in the professional, scientific and technical services industry. Texas financial activities (finance, insurance, real estate, rental and leasing services) added 1,8 jobs from April 11 to April 1, an annual growth rate of percent (Table and Figure 9). Job gains consisted of 11,5 jobs in the state s real estate, rental and leasing industry and 1,3 in the state s finance and insurance industry. Texas construction industry gained 1,9 jobs from April 11 to April 1, a percent growth rate (Table and Figure 1). Job gains consisted of 5,3 jobs in the state s construction of buildings industry, 5,3 jobs in heavy and civil engineering construction industry, and 3 jobs in specialty trade contractors. The state s trade industry gained 3, jobs from April 11 to April 1, a 1.9 percent increase (Table and Figure 11). Job gains consisted of 7, in wholesale trade and,8 jobs in the retail trade industry. Trade is the state s largest industry after government, accounting for 15.7 percent of nonfarm employment (Table 3). Texas information industry (internet service providers, web search portals, publishing industries, broadcasting and telecommunications) gained 5 jobs from April 11 to April 1, a.3 percent increase (Table and Figure 1). The state s government sector lost 5,5 jobs from April 11 to April 1, an annual decline rate of.9 percent (Table and Figure 13). Government job losses consisted of 3, in the state s federal government, 1,1 in the state s local government and 1, in state government. Texas Metropolitan Statistical Areas All Texas metro areas except Wichita Falls, Abilene, College Station-Bryan, Victoria, and Longview had more jobs in April 1 than in April 11 (Table ). Odessa ranked first in job creation followed by Laredo, Corpus Christi, Tyler, and Houston-Sugar Land-Baytown (Table ). The Austin-Round Rock-San Marcos metro area s annual employment growth rate from April 11 to April 1 was. percent, ranking it 8 th (Table and Figure 1).

4 The Dallas-Plano-Irving metro area posted an annual employment growth rate of 1.7 percent in April 1 (Table and Figure 15). The metro area ranked 15 th in employment growth rate (Table ). The Fort Worth-Arlington metro area s annual employment growth rate from April 11 to April 1 was 1.9 percent, ranking it 1 th (Table and Figure 16). The Houston-Sugar Land-Baytown metro area posted an annual employment growth rate of 3.1 percent for the period and ranked 5 th among Texas metro areas in employment growth rate (Table and Figure 17). The San Antonio-New Braunfels metro area had a 1.6 percent annual employment growth rate, ranking it 16 th (Table and Figure 18). The state s actual unemployment rate in April 1 was 6.5 percent. Midland had the lowest unemployment rate followed by Odessa, Amarillo, Lubbock, San Angelo and Abilene (Table 5). Table 1 Texas and U.S. Labor Markets Change Nonfarm Employment Apr. 1 Apr. 11 Absolute Texas 1,768,7 1,556, 1,5. United States 13,967, 131,, 1,77, 1.3 Private Employment Apr. 1 Apr. 11 Absolute Texas 8,958, 8,691, 67, 3.1 United States 11,563, 18,619, 1,9, 1.8 Actual Seasonally Adjusted Unemployment Rate Apr. 1 Apr. 11 Apr. 1 Apr. 11 Texas United States Sources: Texas Workforce Commission and Bureau of Labor Statistics 3

5 Table Texas Industries Ranked by Employment Growth Rate from April 11 to April 1 Change Rank Industry Apr. 1 Apr. 11 Absolute 1 Mining and Logging 6, 7,5 3,5 1.3 Leisure & Hospitality 1,89,8 1,6, 3,8. 3 Other Services 379,3 365, 13,9 3.8 Education & Health Services 1,66, 1,13,5 5, Manufacturing 85,5 88,1, 3. 6 Transportation, Warehousing, Utilities 39,6 8, 11,6.7 7 Professional & Business Services 1,365,3 1,333, 31,9. 8 Financial Activities 68,9 636,1 1,8. 8 Construction 57, 559,5 1,9. 1 Trade 1,691,1 1,658,9 3, Information 195,3 19, Government 1,81,5 1,865, 5,5.9 Table 3 Texas Industries and Government Shares of Employment April April Industry Mining and Logging..3 Construction Manufacturing Trade Transportation, Warehousing, Utilities.1. Information Financial Activities Professional and Business Services Education and Health Services Leisure and Hospitality Other Services Government Sector

6 Table Texas Metropolitan Areas Ranked by Employment Growth Rate, April 11 to April 1 Rank Metro Area Growth Rate 1 Odessa 9.8 Laredo 5. 3 Corpus Christi. Tyler Houston-Sugar Land-Baytown San Angelo Lubbock 3. 8 Austin-Round Rock-San Marcos. 9 Amarillo.3 9 Midland.3 9 McAllen-Edinburg-Mission.3 Texas. 1 Texarkana Fort Worth-Arlington Sherman-Denison Dallas-Plano-Irving San Antonio-New Braunfels El Paso Beaumont-Port Arthur.5 18 Brownsville-Harlingen.5 18 Waco.5 18 Killeen-Temple-Fort Hood.5 Longview. 3 Victoria. College Station-Bryan.5 5 Abilene 1. 6 Wichita Falls 1.7 Source: Texas Workforce Commission 5

7 Table 5 Texas Metropolitan Areas Ranked by Unemployment Rate, April 1 Rank Metro Area Unemployment Rate, 1 Midland 3.5 Odessa. 3 Amarillo. Lubbock 5. San Angelo 5. 6 Abilene College Station-Bryan Austin-Round Rock-San Marcos Longview Victoria Wichita Falls Corpus Christi Waco San Antonio-New Braunfels 6. 1 Texarkana Fort Worth-Arlington Tyler 6.3 Texas Houston-Sugar Land-Baytown Dallas-Plano-Irving 6.5 Laredo Sherman-Denison 7. Killeen-Temple-Fort Hood El Paso 8.8 Beaumont-Port Arthur Brownsville-Harlingen McAllen-Edinburg-Mission 1.1 Source: Texas Workforce Commission 6

8 Figure 1 Nonfarm Employment Growth Rates for United States and Texas, 9 1 Texas U.S Figure Employment Growth Rates in Texas Mining and Logging Industry,

9 Figure 3 Employment Growth Rates in Texas Leisure and Hospitality Industry, Figure Employment Growth Rates in Texas Other Services Industry,

10 Figure 5 Employment Growth Rates in Texas Education and Health Services Industry, Figure 6 Employment Growth Rates in Texas Manufacturing Industry,

11 Figure 7 Employment Growth Rates in Texas Transportation, Warehousing, and Utilities Industry, Figure 8 Employment Growth Rates in Texas Professional and Business Services Industry,

12 Figure 9 Employment Growth Rates in Texas Financial Activities Industry, Figure 1 Employment Growth Rates in Texas Construction Industry,

13 Figure 11 Employment Growth Rates in Texas Trade Industry, Figure 1 Employment Growth Rates in Texas Information Industry,

14 Figure 13 Employment Growth Rates in Texas Government Sector, Figure 1 Nonfarm Employment Growth Rates, Austin-Round Rock-San Marcos,

15 Figure 15 Nonfarm Employment Growth Rates, Dallas-Plano-Irving, Figure 16 Nonfarm Employment Growth Rates, Fort Worth-Arlington,

16 Figure 17 Nonfarm Employment Growth Rates, Houston-Sugar Land-Baytown, Figure 18 Nonfarm Employment Growth Rates, San Antonio-New Braunfels,

Monthly Review of the Texas Economy November 2013

Monthly Review of the Texas Economy November 3 By Ali Anari and Mark G. Dotzour The Texas economy gained 67,9 nonagricultural jobs from October to October 3, an annual growth rate of. percent compared