Statistically speaking, Texas’ job market is remarkable and has withstood the economic hardships suffered in the last few years with flying colors. As Americans we have been faced with the specter of a federal government shutdown numerous times. If this occurs Washington, D.C. would fall from its current top ranking as the strongest job market in the United States. Private-sector job data and unemployment rates are analyzed on a monthly basis generating scores for America’s 100 largest metros. Fifty percent of each area’s score is based on its annual private-sector growth rates during the past five years, 30 percent on its jobless rates over the past 12 months, and 20 percent on its raw changes in private-sector employment in half a decade. Interestingly, Dallas, Houston, and Austin rank in the top five.
Major components of Dallas’ labor force include jobs in energy, transportation, IT, and finance. Healthcare and insurance jobs are showing strong signs of growth as well. The Federal Reserve Board’s beige book has reported that Dallas employment levels are continuously improving. Like all major cities, Dallas will experience minor bumps in the road, but the overall picture is good. Employers continue to practice restraint, however, as they wait for more encouraging economic trends nationally.
The Houston area has performed better than many job markets during the recession and the population continues to grow. According to the Conference Board, there were 77,400 online ads for jobs in the area in June, up 38.3 percent from a year earlier. The Greater Houston Partnership, a business organization, expects the wholesale trade sector (driven by demand in Asian economies) to add 5,200 jobs, administrative and support services to create 5,400 jobs, and the public sector to grow by 4,100 jobs.
Dallas and Houston — continue to set the employment pace for the nation. The two metros have added 134,200 nonfarm jobs in the past 12 months, according to figures released Wednesday morning by the U.S. Bureau of Labor Statistics. That’s the equivalent of 368 new jobs every day.
Projects like Samsung’s $3 billion expansion of its Austin plant have added hundreds of jobs. Austin’s unemployment rate (7.1 percent) is more than two full points below the rest of the country.
Houston. Dallas. Austin. Surging economically and continuing to weather the economic firestorm. Looking for a job!! Think big!! Think Texas!
Source: Thomas, G. Scott. “Washington Ranks as America’s Strongest Job Market, with Dallas, Houston and Pittsburgh Close behind.” Business Journals Digital Network, Web. 01 Nov. 2012. “BusinessWeek.” .com. Web. 01 Nov. 2012.