Falling Oil Prices Not Stopping Texas Job Growth

Falling Oil Prices Not Stopping Texas Job Growth, Latest Real Estate Center Report Shows

By Bryan Pope, Associate Editor, Real Estate Center at Texas A&M University June 2, 2015/Release No. 21-0615

COLLEGE STATION, Tex. (Real Estate Center) – Texas’ economy continues to create more jobs despite lower oil prices, according to the latest Monthly Review of the Texas Economy published by the Real Estate Center at Texas A&M University. The state’s economy gained 304,200 nonagricultural jobs from April 2014 to April 2015, an annual growth rate of 2.6 percent compared with 2.2 percent for the United States. The state’s nongovernment sector added 282,200 jobs, an annual growth rate of 2.9 percent compared with 2.6 percent for the nation’s private sector. Texas’ seasonally adjusted unemployment rate fell to 4.2 percent in April 2015 from 5.2 percent in April 2014. The nation’s rate decreased from 6.2 to 5.4 percent All Texas industries except mining and logging (which includes oil and gas) and manufacturing had more jobs. The state’s leisure and hospitality industry ranked first in job creation followed by construction and transportation, warehousing and utilities. All Texas metro areas except Texarkana, Wichita Falls and College Station-Bryan had more jobs. Odessa ranked first in job creation, followed by Midland, Dallas-Plano-Irving, Corpus Christi and Beaumont-Port Arthur. The state’s unemployment rate in April was 4 percent. Amarillo had the lowest unemployment rate, followed by Midland, Austin-Round Rock, Lubbock, College Station-Bryan and San Antonio-New Braunfels.

The full report is online at http://www.recenter.tamu.edu/pdf/1862.pdf.