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Monthly Review of the Texas Economy — November 2008
By Ali Anari and Mark G. Dotzour
The Texas economy is relentlessly adding jobs despite more job losses for the nation.
Texas’ nonfarm employment rose 2.2 percent from October 2007 to October 2008
compared with a decrease of 0.9 percent for the United States (Table 1 and Figure 1). The
state’s seasonally adjusted unemployment rate rose from 4.3 percent in October 2007 to
5.6 percent in October 2008 (Table 1). Over the same period, the U.S. seasonally adjusted
unemployment rate rose from 4.8 percent to 6.5 percent.
Table 2 shows Texas industries ranked by employment growth rate from October 2007 to
October 2008. Table 3 shows the relative importance of the state’s industries based on
number of employees.
Despite recent decreases in oil prices, the Texas oil and natural gas industry continues to
gain jobs. The industry’s employment increased 7.9 percent from October 2007 to
October 2008, and ranked first among Texas industries in employment growth rate (Table
2 and Figure 2). The average number of active rotary rigs increased from 864.8 in
November 2007 to 912.4 in November 2008 according to Hughes Tool Co.
The state’s professional and business services industry gained 62,100 jobs from October
2007 to October 2008, an annual growth rate of 4.7 percent, and ranked second in job
creation (Table 2 and Figure 3). Jobs gained consisted of 33,000 in administrative and
support services, 27,000 in professional, scientific and technical services and 2,100 in
management of companies and enterprises.
The state’s leisure and hospitality industry (arts, entertainment, recreation,
accommodations and food services) gained 34,800 jobs from October 2007 to October
2008, an annual growth rate of 3.5 percent (Table 2 and Figure 4).
The state’s education and health services industry added 34,900 jobs from October 2007
to October 2008, an annual growth rate of 2.7 percent (Table 2 and Figure 5). Jobs gained
consisted of 33,800 in health care and social assistance and 1,100 in educational services.
The state’s construction industry gained 16,600 jobs from October 2007 to October 2008,
a 2.5 percent increase (Table 2 and Figure 6). Job gains in the construction industry
consisted of 4,400 jobs in heavy and civil engineering construction, 10,000 jobs in
specialty trade contractors, and 2,200 in construction of buildings.
The state’s trade industry gained 31,500 jobs from October 2007 to October 2008, an
annual growth rate of 1.9 percent (Table 2 and Figure 7). Wholesale trade gained 5,600
jobs while retail trade added 25,900 jobs. Trade is the state’s largest industry after
government, accounting for 16 percent of nonfarm employment (Table 3).
The state’s government sector added 33,200 jobs from October 2007 to October 2008, an
annual growth rate of 1.9 percent (Table 2 and Figure 8). Government job gains consisted
of 18,600 in local government, 12,300 in state government and 2,300 in federal
government.
The other services industry (repair and maintenance, personal and laundry services,
religious, civic and professional organizations) gained 5,500 jobs over the year, a 1.6
percent increase (Table 2 and Figure 9).
Financial activities (finance, insurance, real estate, rental and leasing services) added
6,700 jobs to the state’s economy from October 2007 to October 2008, an annual growth
rate of one percent (Table 2 and Figure 10). In this industry, real estate, rental and leasing
added 4,500 jobs while finance and insurance gained 2,200 jobs.
The state’s transportation, warehousing, and utilities industry gained 2,700 jobs over the
year, a 0.6 percent increase (Table 2 and Figure 11). The job gains consisted of 1,600 in
transportation and warehousing and 1,100 in utilities industry.
The state’s manufacturing industry continues to lose jobs. The industry lost 10,600 jobs
from October 2007 to October 2008, a decrease of 1.1 percent (Table 2 and Figure 12).
Durable goods manufacturing gained 3,100 jobs while nondurable goods manufacturing
lost 13,700 jobs. Major job gains in the state’s durable goods manufacturing industry
were in fabricated metal product manufacturing (3,900 jobs), machinery manufacturing
(2,800 jobs), and nonmetallic mineral product manufacturing (700). Major job losses in
this industry were in computer and electronic product manufacturing (1,300 jobs), wood
products (1,200 jobs), furniture and related product manufacturing (700), and primary
metal manufacturing (200 jobs), and transportation equipment manufacturing (200 jobs).
Major job losses in the state’s nondurable manufacturing industry were in printing and
related support manufacturing (2,100 jobs), plastic and rubber manufacturing (1,400
jobs), paper manufacturing (1,000 jobs), food manufacturing (200 jobs) and chemical
manufacturing (400 jobs).
The state’s information industry (internet service providers, web search portals,
publishing industries, broadcasting and telecommunications) lost 2,600 jobs from
October 2007 to October 2008, a 1.2 percent decrease (Table 2 and Figure 13).
Texas Metropolitan Statistical Areas
All Texas metro areas experienced positive employment growth rates from October 2007
to October 2008. McAllen-Edinburg-Mission ranked first in job creation followed by
Laredo, College Station–Bryan, Midland, and Longview (Table 4).
The annual employment growth rate for the Austin–Round Rock metro area from
October 2007 to October 2008 was 1.9 percent; the metro area ranked 13th in job creation
(Table 4 and Figure 14).
The annual employment growth rate for the Dallas-Plano-Irving and Fort Worth–
Arlington metro areas from October 2007 to October 2008 was 1.7 percent; the two
metro areas ranked 14th in job creation (Table 4 and Figures 15 and 16).
Houston–Sugar Land–Baytown posted an annual growth rate of 2 percent from October
2007 to October 2008 and ranked 10th among the state’s metro areas (Table 4 and Figure
17).
The employment growth rate for the San Antonio metro area from October 2007 to
October 2008 was 2.1 percent, ranking the metro area sixth in employment growth rate
(Table 4 and Figure 18).
The state’s actual unemployment rate in October 2008 was 5.4 percent. Petroplexes
Midland and Odessa had the first and second lowest unemployment rates followed by
Amarillo, Lubbock and Abilene (Table 5).
MORE
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