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Texas Private Sector Growing Faster Than The Nation’s

by admin on September 26, 2012

According to the College Station Real Estate Center latest Monthly Review of the Texas Economy, the state gained 261,000 non agricultural jobs from August 2011 to August 2012, an annual growth rate of 2.5percent compared with 1.4 percent for the United States  (refer to Table 1 and Figure 1).  The state’s private sector added 270,900 jobs, an annual growth rate of 3.1 percent compared with 1.8 percent for the nation’s non-government sector (refer to Table 1).

Texas’ seasonally adjusted unemployment rate fell 7.1 percent in August 2012 from 8.1 percent in August 2011. The nation’s rate decreased from 9.1 percent to 8.1 percent.

All Texas industries except the information industry had more jobs in August 2012 than in August 2011, but the state’s government sector continues to lose jobs.  The mining and logging industry ranked first in job creation, followed by construction industry, the leisure and hospitality industry, and transportation, warehousing and utilities industry.

Texas construction industry gained 36,500 jobs from August 2011 to August 2012, a 6.4 percent growth rate.  Job gains consisted of 11,200 jobs in the construction of building industry, 18,000 jobs in the heavy and civil engineering construction industry, and 7,300 jobs in the specialty trade contractors.   (refer to: Table 2 and Figure 3)

All Texas metro areas except McAllen-Edinburg-Mission, Wichita Falls, College Station-Bryan and Brownsville-Harlingen had more jobs in August 2012 than in August 2011. Odessa ranked first in job creation followed by Texarkana, Laredo, Houston-Sugar Land-Baytown and Midland.

The state’s actual unemployment rate in August 2012 was 7 percent. Midland had the lowest unemployment rate followed by Odessa, Amarillo, San Angelo and Abilene.

Read The Report : Monthly Review of the Texas Economy – September 2012 | By Ali Anair and Mark Dotzour

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