Leads U.S. with fastest annual jobs growth
(The Center Square) – Texas in October again broke an all-time record for job gains. Texas also had the fastest annual jobs growth rate from October 2021 to October 2022, according to new data reported by the Texas Workforce Commission.
For the 12th consecutive month, Texas broke its all-time record for total jobs. The state’s employers added 49,500 nonfarm jobs last month.
“Texas continues to create jobs and set historic employment records each month thanks to our strong, growing workforce and continuing business confidence in Texas,” Gov. Greg Abbott said. “With 49,500 jobs added last month and another new record for total jobs, the Lone Star State shines as a beacon of opportunity.
“Despite national economic headwinds, Texas grew jobs at the fastest rate in the nation over the past 12 months. Working together in the months ahead, we will continue to expand economic opportunity for all Texans.”
Texas set a new record in October with a total of 14,002,911 employed Texans working in nonfarm jobs, including the self-employed and other job categories.
The annual jobs growth rate from October 2021 to October 2022 was 5.4%, the fastest in the U.S.
Texas’ labor force participation rate, the percentage of all working age Texans employed or actively seeking employment, was also above the national average of 63.6%.
Texas first surpassed its pre-COVID employment level in November 2021. Since then, through October 2022, Texas has set new employment highs every month. Since October 2021, the Texas economy has added 694,200 jobs.
“Ten of 11 major industries in Texas have rebounded to their pre-COVID levels and beyond, translating to more jobs in more industries for more Texans,” TWC Commissioner Representing Labor Julian Alvarez said. “Whether you’re looking to upskill, train for a new position, or are searching for your next career move, TWC has the free resources to help.”
Among private industry job growth, Professional and Business Services added the most jobs of 18,700, followed by Leisure and Hospitality’s additional 11,600 jobs, and Trade, Transportation, and Utilities’s additional 7,400. Notably, the category of Other Services employment surpassed its pre-pandemic level for the first time last month, adding 3,400 new jobs.
Texas’ seasonally adjusted unemployment rate remains higher than the national average of 4%, however, it’s the lowest it’s been since the February 2020 pre-pandemic rate of 3.5 percent.
Last month, the Amarillo and Austin-Round Rock Metropolitan Statistical Areas had the lowest unemployment rates of 2.8% each, followed by Midland’s 2.9%, and College Station-Bryan and Lubbock each reporting 3.1%.
“Texas’ continued job growth is a true testament to the vitality of our Texas employers and our unrivaled business climate,” TWC Commissioner Representing Employers Aaron Demerson said. “TWC remains committed to supporting our Texas employers by connecting them to our world-class Texas talent pipeline, offering unparalleled access to training resources, and ensuring they have the proper tools to thrive.”