The Texas Workforce Commission (TWC) has recently reported another uptick in the state's civilian labor force, marking the seventh consecutive month of expansion. Despite a drop in total nonfarm employment numbers from June to July, the overall annual growth remains strong, surpassing national averages, according to information from a TWC press release.
In July, Texas saw an addition of 41,900 individuals to its labor force, culminating in a record-setting 15,353,700 people. The state has added 248,900 people to its labor force over the year, though nonfarm employment saw a slight decrease of 14,500 jobs in July alone. Nevertheless, the state's employment expanded by 265,500 jobs since July last year, boasting a 1.9 percent growth rate that slightly outpaces the nation's by 0.3 percentage points. "Despite a slight decrease in the total number of jobs, the Texas civilian labor force continues to break records," TWC Chairman Bryan Daniel was quoted in their press release.
Job growth was not uniform across all sectors. The Trade, Transportation, and Utilities sector experienced the most significant growth, adding 7,300 jobs in July. Financial Activities and Mining and Logging also saw increases, with 2,500 and 1,300 jobs added respectively. The Construction sector contributed 900 jobs, overtaking its growth from the previous year, indicating a 4.0 percent increase, which is a full percentage point above the national growth rate for the industry.
Texas's seasonally adjusted unemployment rate in July registered at 4.1 percent, 0.2 percentage points below the national rate, indicating a robust labor market. In a landscape where there are still more than half a million job listings, it's clear what the TWC Commissioner Representing Labor Alberto Treviño III meant when , "Texas is outperforming the national unemployment rate which signifies the strength of our labor market." With various initiatives in place to bolster the workforce, such as the Skills Development Fund, Texas businesses are in a strong position to prosper. The lowest unemployment rates were observed in the Midland and Amarillo Metropolitan Statistical Areas, registering at 2.8 and 3.4 percent respectively in July.
The next round of labor market data for Texas is anticipated on September 20, 2024. The TWC, in collaboration with the U.S. Department of Labor's Bureau of Labor Statistics, provides revised and comprehensive employment estimates that reflect the ongoing economic changes within the state. These updates will be made available on the TWC website for those interested in the detailed specifics of the region's labor market dynamics.
