Worst of oil collapse's economic impact over?
By Bryan Pope, associate editor, Real Estate Center at Texas A&M University
March 23, 2016/Release No. 11-0316
COLLEGE STATION, Tex. (Real Estate Center
) – The latest revised Texas employment data indicates that the worst of the oil price collapse’s impacts on the Texas economy may be over.
According to the Real Estate Center’s Monthly Review of the Texas Economy
, the state gained 188,500 nonagricultural jobs from January 2015 to January 2016, an annual growth rate of 1.6 percent, lower than the nation’s growth rate of 1.9 percent. The nongovernment sector added 163,700 jobs, an annual growth rate of 1.7 percent compared with 2.2 percent for the nation’s private sector.
Texas’ seasonally adjusted unemployment rate increased from 4.4 to 4.5 percent. The nation’s rate decreased from 5.7 to 4.9 percent.
All Texas industries except mining and logging and manufacturing had more jobs. Leisure and hospitality ranked first in job creation followed by education and health services, construction, financial activities, and trade.
All Texas metro areas except Victoria, Longview, Midland, and Odessa had more jobs. Austin-Round Rock ranked first in job creation, followed by Dallas-Plano-Irving, College Station-Bryan, Killeen-Temple-Fort Hood, Lubbock, and El Paso
The state’s actual unemployment rate in January was 4.4 percent. Amarillo had the lowest unemployment rate, followed by Austin-Round Rock, Lubbock, College Station-Bryan, Dallas-Plano-Irving, and San Antonio-New Braunfels.
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