By Glenn Hamer, TAB CEO
Recent data from the Texas Workforce Commission and the U.S. Bureau of Labor Statistics shows that Texas continues to set itself apart from the rest of the nation as an epicenter for economic prosperity and job growth. The numbers show that the Lone Star State added over 60,000 new jobs this September alone, marking its most significant job growth since July 2022, when it surged by more than 73,000 jobs. In the past calendar year, Texas has witnessed employment growth of 435,800 positions, or an annual growth rate of 3.2%, a remarkable feat that surpasses the nation’s rate of 2.1%.
Texas' economic success is on full display across a diverse range of sectors as employment across nine of the 11 major industries expanded over the course of the last month. Trade, transportation, and utilities added 15,200 jobs, while professional and business services also gained 14,900 jobs this September. The state's seasonally adjusted unemployment rate held steady at 4.1% for September, demonstrating the resilience of the Texas job market.
Furthermore, the state's energy sector, particularly the oil and natural gas industry, continues to be a driving force behind Texas' economic growth. In September, there were nearly 12,000 active job listings and more than 4,500 new job postings in this industry, according to the Texas Independent Producers and Royalty Owners Association. Texas remains at the forefront of energy production, contributing over 43% of all oil production in the United States in 2023. We anticipate that this trend will only gain momentum, especially with the Exxon-Mobil merger on the horizon, which promises to further boost Texas' production.
Governor Greg Abbott celebrated Texas' continued national leadership in job creation, affirming that the state's pro-business policies are the key to fostering an environment where businesses can thrive.
“We are America’s jobs leader because Texas moves at the speed of business, cutting red tape and getting out of the way so businesses thrive, jobs grow, and Texans prosper,” Abbott said in a statement.
Texas' record-breaking job growth is undoubtedly a testament to its commitment to business-friendly policies, economic diversification and energy leadership. As we move forward, Texas is poised to attract even more businesses, leading to the creation of more jobs, which promises our state sustained economic growth for years to come.
Comentarios