Market Overview

The Texas economy gained 255,300 nonagricultural jobs from December 2012 to December 2013, an annual growth rate of 2.3 percent compared with 1.6 percent for the United States. The state’s nongovernment sector added 245,700 jobs, an annual growth rate of 2.7 percent compared with 2 percent for the nation’s private sector.

Texas’ seasonally adjusted unemployment rate fell to 6 percent in December 2013 from 6.2 percent in December 2012. The nation’s rate decreased from 7.9 to 6.7 percent

 

Texas Employment Growth Rates by Industry

All Texas industries had more jobs in December 2013 than in December 2012. The state’s information industry ranked first in job creation followed by the mining and logging industry, professional and business services, trade industry, leisure and hospitality industry, and construction industry.

 

Texas Job Shares by Industry and the Government Sector

Of the 11,356,000 nonagricultural jobs in December 2013, the highest percentage of employment by industry was in the trade industry at 16.39 percent followed by the government sector (16.17 percent), education and health services (13.36 percent), professional and business services (13.17 percent), and leisure and hospitality (9.99 percent). Since December 2012 the state’s trade industry, professional and business services, leisure and hospitality, mining and logging, and information have expanded their shares of Texas jobs at the expense of the education and health services industry, transportation, utilities and warehousing, financial activities, manufacturing, other services industry, and the government sector.

 

Contributions to Texas Employment Growth Rate by Industr 

Texas’ statewide employment growth rate of 2.3 percent from December 2012 to December 2013 is the weighted average of employment growth rates for all Texas industries for the period. Weights are shares of jobs by industry. The contribution of each industry to the statewide employment growth rate is equal to employment growth rate of that industry multiplied by its share of Texas jobs. The state’s trade industry contributed 0.5928 percent to the 2.3 percent statewide growth rate followed by the professional and business services, leisure and hospitality industry, education and health services industry, and construction industry.

 

Texas Metropolitan Statistical Areas

All Texas metro areas except Sherman-Denison, Texarkana, and El Paso had more jobs in December 2013 than in December 2012. Midland ranked first in job creation, followed by Odessa, Corpus Christi, Longview, Houston-Sugar Land-Baytown, Lubbock, and Austin-Round Rock San Marcos.

 

Texas Job Shares by Metropolitan Area

The Houston-Sugar Land-Baytown metro area had the largest share of Texas jobs (24.98 percent), followed by Dallas-Plano-Irving (19.50 percent), Fort Worth-Arlington (8.32 percent), San Antonio- New Braunfels (7.91 percent), Austin-Round Rock-San Marcos (7.62 percent), El Paso (2.53 percent), and McAllen-Edinburg-Mission (2.08 percent).

 

Contributions to Texas Employment Growth Rate by Metropolitan Area

The statewide employment growth rate of 2.3 percent in Texas from December 2012 to December 2013 is the weighted average of employment growth rates of all Texas metro areas for the period. Weights are shares of jobs by area. The contribution of each metro area to the statewide employment growth rate is equal to the employment growth rate in that area multiplied by its share of Texas jobs. The Houston-Sugar Land-Baytown metro area contributed 0.7387 percent to the 2.3 percent statewide growth rate, ranking it first, followed by Dallas-Plano-Irving (0.3802),  Fort Worth-Arlington (0.2243), Austin-Round Rock-San Marcos (0.2135), Corpus Christi (0.0613), San Antonio-New Braunfels (0.0559), and Midland (0.0432).

 

Unemployment Rate by Metropolitan Area

The state’s actual unemployment rate in December 2013 was 5.6 percent. Midland had the lowest unemployment rate, followed by Odessa, Amarillo, Lubbock, Abilene and San Angelo.

 

Employment Growth Rates and Unemployment Rates by Metropolitan Area

 

a.       Metro areas with employment growth rates higher than Texas’ and unemployment rates lower than Texas’ are Midland, Odessa, Corpus Christi, Houston-Sugar Land-Baytown, Fort Worth- Arlington, Longview, Lubbock, and Austin-Round Rock-San Marcos.

b.       Victoria’s employment growth rate was equal to Texas’ but it had a lower unemployment rate than the statewide average.

c.       Metro areas with employment growth rates lower than Texas’ and unemployment rates lower than Texas’ in December 2013 were College Station-Bryan, Dallas-Plano-Irving, San Angelo, Amarillo, San Antonio-New Braunfels, Waco and Wichita Falls.

d.      Metro areas with employment growth rates lower than Texas’ and unemployment rates higher than Texas’ in December 2013 were Laredo, Brownsville-Harlingen, Beaumont-Port Arthur, Tyler, Killeen-Temple-Fort Hood, McAllen-Edinburg-Mission, Sherman-Denison, El Paso and Texarkana.

 

 

 

 

Figure 1

Nonfarm Employment Growth Rates for United States and Texas 2010 - 2013

Market Overview

Sources: Texas Workforce Commission and Real Estate Center at Texas A&M University

Table 1

                                                   Texas and U.S. Labor Markets                                                        

                   Change                

Nonfarm Employment

   December 2013

   December 2012

 Absolute

Percent

Texas

11,356,000

11,100,700

255,300

2.3

United States

137,753,000

135,560,000

2,193,000

1.6

 

Private Employment

   December 2013

   December 2012

 Absolute

Percent

Texas

9,519,800

9,274,100

245,700

2.7

United States

115,542,000

113,321,000

2,221,000

2.0

 

 

Unemployment Rate

                         Actual                     December 2013  December 2012

             Seasonally Adjusted           December 2013  December 2012

Texas

5.6                       6.0

6.0                       6.2

United States

6.5                       7.6

6.7                       7.9

Sources: Texas Workforce Commission and U.S. Bureau of Labor Statistics

Table 2

Texas Industries and Government Sector Ranked by Employment Growth Rate

                                            From December 2012 to December 2013                                        

 

Rank 1

Industry                                         Information

December 2013 207,200

December 2012 197,700

Absolute

9,500

Percent 4.8

2

Mining and Logging

288,900

276,100

2,800

4.6

3

Professional and Business Services

1,495,500

1,435,100

60,400

4.2

4

Trade

1,860,900

1,795,100

65,800

3.7

5

Leisure and Hospitality

1,134,000

1,103,700

30,300

2.7

6

Construction

606,500

593,200

13,300

2.2

7

Education and Health Services

1,517,500

1,491,600

25,900

1.7

8

Financial  Activities

675,800

666,000

9,800

1.5

9

Manufacturing

878,700

866,400

12,300

1.4

10

Transportation, Warehousing,  Utilities

467,600

463,000

4,600

1.0

11

Government

1,836,200

1,826,600

9,600

0.5

12

Other services

387,200

386,200

1,000

0.3

 

             Change        

Sources: Texas Workforce Commission and Real Estate Center at Texas A&M University

 Table 3

Rank

1

 

Industry

Trade

Dec. 2013

Percent

16.39

Dec. 2012

Percent

16.17

2

Government

16.17

16.45

3

Education and Health Services

13.36

13.44

4

Professional and Business Services

13.17

12.93

5

Leisure and Hospitality

9.99

9.94

6

Manufacturing

7.74

7.80

7

Financial  Activities

5.95

6.00

8

Construction

5.34

5.34

9

Transportation, Warehousing,  Utilities

4.12

4.17

10

Other services

3.41

3.48

11

Mining and Logging

2.54

2.49

12

Information

1.82

1.78

 

Total

100.00

100.00

 

                    Texas Industries’ and Government’s Shares of Employment               

Sources:  Texas Workforce Commission and Real Estate Center at Texas A&M University Note: Components may not add to totals due to rounding. 

Table 6

              Texas Metropolitan and Micropolitan Shares of Total Texas Jobs              

                                                                          December                 December

Rank    Metro Area                                            2013                           2012

1           Houston-Sugar Land-Baytown              24.9841                     24.8201

2          Dallas-Plano-Irving                                19.5025                     19.5708

3          Fort Worth-Arlington                              8.3242                       8.2914

4          San Antonio-New Braunfels                   7.9148                       8.0409

5          Austin Round Rock-San Marcos            7.6250                       7.5869

6          El Paso                                                  2.5335                       2.5917

7          McAllen-Edinburg-Mission                     2.0896                       2.1152

8          Corpus Christi                                       1.7136                       1.6918

9          Beaumont-Port Arthur                           1.4398                       1.4549

10        Lubbock                                                1.1914                       1.1846

11        Brownsville-Harlingen                            1.1906                       1.2017

12        Killeen-Temple                                      1.1738                       1.1765

13        Amarillo                                                 1.0144                       1.0225

14        Waco                                                     0.9678                       0.9774

15        Longview                                               0.9273                       0.9207

16        College Station-Bryan                           0.8929                       0.8936

17        Laredo                                                  0.8621                       0.8693

18        Tyler                                                     0.8559                       0.8585

19        Midland                                                 0.7802                       0.7549

20        Odessa                                                 0.6842                       0.6729

21        Abilene                                                 0.6058                       0.6081

22        Wichita Falls                                         0.5222                       0.5306

23        Texarkana                                            0.5002                       0.5189

24        Victoria                                                 0.4773                       0.4774

25        San Angelo                                          0.4227                       0.4261

26        Sherman-Denison                                0.3831                       0.3928

Texas Micropolitans                                        10.4209                     10.3498

Total                                                                100.0000                   100.0000

Sources: Texas Workforce Commission and Real Estate Center at Texas A&M University Note: Components may not add to totals due to rounding.

 

Table 5

Texas Metropolitan Areas Ranked by Employment Growth Rate, December 2012 to December 2013

 

Rank 1

Metro Area                                                       Midland

Percent Growth Rate 5.7

2

Odessa

4.0

3

Corpus Christi

3.6

4

Longview

3.0

4

Houston-Sugar Land-Baytown

3.0

6

Lubbock

2.9

7

Austin-Round Rock-San Marcos

2.8

8

Fort Worth-Arlington

2.7

 

Texas

2.3

9

Victoria

2.3

10

College Station-Bryan

2.2

11

Killeen-Temple-Fort Hood

2.1

12

Tyler

2.0

13

Dallas-Plano-Irving

1.9

13

Abilene

1.9

15

Amarillo

1.5

15

San Angelo

1.5

15

Laredo

1.5

18

Brownsville-Harlingen

1.4

19

Waco

1.3

20

Beaumont-Port Arthur

1.2

21

McAllen-Edinburg-Mission

1.1

22

San Antonio-New Braunfels

0.7

22

Wichita Falls

0.7

24

El Paso

0.0

25

Sherman-Denison

 

-0.2

26

Texarkana

 

-1.4

Source: Texas Workforce Commission

 

 

Property Purchasing Staff

Dallas/Ft. Worth Metro

Greater Houston/San Antonio

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