The Texas economy showed no signs of slowing down in 2023 as it smashed records with an employment surge, leaving the rest of the nation in the dust, with statistics demonstrating a job count that topped out at 14.1 million in December, marking a historic pinnacle for the Texas State.
Texas notched a seasonally adjusted increase of 19,100 jobs that month alone, which continued a 27-month streak of employment highs, the state's civilian labor force also ballooned with an additional 11,100 individuals to reach over 15.2 million; this paired with a drop in unemployment from 4.1 to 4.0 percent in December certainly indicated robust economic health and job creation potential, according to Texas Workforce Commission.
Employment growth outpaced national averages, with Texas growing at 2.7 percent annually from December 2022 to December 2023, which stood a full percentage point above the nation's 1.7 percent, "Texas’ record-breaking employment growth remains a clear sign of the state’s economic strength,” Bryan Daniel, TWC Chairman, was quoted emphasizing the state's unprecedented performance.
Texas' various industries have been reflecting this positive trend; seven out of the eleven major sectors hit all-time highs, the Trade, Transportation, and Utilities industry alone added 7,100 jobs; meanwhile, the Private Education and Health Services sectors, along with Leisure and Hospitality saw an increase of 6,800 jobs each, proving that these areas are rapidly evolving and they're creating substantial employment opportunities for Texans.
With the lowest unemployment rate among metropolitan areas in Texas, the Midland MSA stood out with a not seasonally adjusted rate of 2.1 percent followed by the Amarillo MSA at 2.5 percent, and College Station-Bryan at 2.6 percent. "The data shows Texas employers continue to grow and thrive as all major industries in the state expanded over the year,” said Joe Esparza, TWC Commissioner Representing Employers, reflecting confidence in the continued economic expansion of the state and the promise it holds for continued job creation, as per Texas Workforce Commission.
