COLLEGE STATION (Real Estate Center) – Texas’ economy continues to grow at a rate higher than the nation’s.
According to the Center’s latest Monthly Review of the Texas Economy, the state gained 261,000 nonagricultural jobs from August 2011 to August 2012, an annual growth rate of 2.5 percent compared with 1.4 percent for the United States. The state’s private sector added 270,900 jobs, an annual growth rate of 3.1 percent compared with 1.8 percent for the nation’s private sector.
Texas’ seasonally adjusted unemployment rate fell to 7.1 percent in August 2012 from 8.1 percent in August 2011. The nation’s rate decreased from 9.1 to 8.2 percent.
All Texas industries except the information industry had more jobs in August 2012 than in August 2011, but the state’s government sector continues to lose jobs.
The mining and logging industry ranked first in job creation, followed by the construction industry, the leisure and hospitality industry, and the transportation, warehousing and utilities industry.
All Texas metro areas except McAllen-Edinburg-Mission, Wichita Falls, College Station-Bryan and Brownsville-Harlingen had more jobs in August 2012 than in August 2011. Odessa ranked first in job creation followed by Texarkana, Laredo, Houston-Sugar Land-Baytown and Midland.
The state’s actual unemployment rate in August 2012 was 7 percent. Midland had the lowest unemployment rate followed by Odessa, Amarillo, San Angelo and Abilene.