Texas Unemployment Rate Falls to Record Low
The Texas economy added 71,500 seasonally adjusted nonfarm jobs in October. Annual employment growth for Texas was 2.6 percent in October, marking 90 consecutive months of annual growth. Texas’ seasonally adjusted unemployment rate fell to 3.9 percent, setting a record for the lowest unemployment rate recorded in four decades.
“By adding an impressive 71,500 jobs over the past month and 316,100 jobs over the year, Texas employers have once again demonstrated their unmatched innovation and ability to achieve success in our country’s premier place to do business,” said TWC Chairman Andres Alcantar. “This economy provides valuable opportunities for the highly skilled Texas workforce to also achieve success.”
Leisure and Hospitality employment rebounded by adding 34,700 jobs in October after experiencing its largest monthly decline in September due to hurricane-affected business closures. Over the year, this industry has gained 41,000 jobs. Trade, Transportation, and Utilities employment grew by 10,300 jobs, and Professional and Business Services expanded by 6,300 jobs.
“Private-sector employers added 64,100 jobs in October and have accounted for the addition of 279,300 positions in Texas over the past year as the state has continued to expand its employment,” said TWC Commissioner Representing Employers Ruth R. Hughs. “I invite Texas employers to participate in the We Hire Vets recognition program to recognize them for their commitment to hiring our nation’s heroes.”
The Amarillo and Midland Metropolitan Statistical Areas (MSA) recorded the month’s lowest unemployment rate among Texas MSAs with a non-seasonally adjusted rate of 2.4 percent, followed by the College Station-Bryan MSA with a rate of 2.5 percent. The Austin-Round Rock and Lubbock MSAs registered a rate of 2.6 percent for October.
“Several Goods Producing industries are showing strength in Texas, including Construction, which expanded by 4,500 jobs in October” said TWC Commissioner Representing Labor Julian Alvarez. “In recognition of Texas Apprenticeship Week this week, I encourage our labor force to tap into TWC’s apprenticeship training program that can help prepare them for a well-paying career.”