monthly review of the texas economy nov 2013 ... 14 san antonio-new braunfels 5.8 14 waco 5.8 16...

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    Monthly Review of the Texas Economy—November 2013

    By Ali Anari and Mark G. Dotzour

    The Texas economy gained 267,900 nonagricultural jobs from October 2012 to October 2013, an annual growth rate of 2.4 percent compared with 1.7 percent for the United States (Table 1 and Figure 1). The state’s nongovernment sector added 265,300 jobs, an annual growth rate of 2.9 percent compared with 2.1 percent for the nation’s private sector (Table 1).

    Texas’ seasonally adjusted unemployment rate fell to 6.2 percent in October 2013 from 6.4 percent in October 2012. The nation’s rate decreased from 7.9 to 7.3 percent (Table 1). Table 2 shows Texas industries ranked by employment growth rate from October 2012 to October 2013. Table 3 shows the relative importance of the state’s industries based on number of employees.

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

    The state’s mining and logging industry gained 14,900 jobs from October 2012 to October 2013, an annual growth rate of 5.4 percent, ranking first in job creation (Table 2 and Figure 2).

    The state’s professional and business services industry gained 73,900 jobs from October 2012 to October 2013, an annual growth rate of 5.2 percent (Table 2 and Figure 3). Job gains consisted of 48,000 jobs in the state’s administrative and support services industry, 22,700 jobs in professional, scientific and technical services, and 3,200 jobs in the state’s management of companies and enterprises industry.

    Texas’ information industry (internet service providers, web search portals, publishing industries, broadcasting and telecommunications) gained 8,000 jobs from October 2012 to October 2013, an annual growth rate of 4.1 percent (Table 2 and Figure 4).

    The state’s trade industry gained 67,000 jobs from October 2012 to October 2013, a 3.9 percent increase (Table 2 and Figure 5). Job gains consisted of 14,200 in wholesale trade and 52,800 jobs in the retail trade industry.

    Texas’ leisure and hospitality industry (arts, entertainment, recreation, accommodations and food services) gained 40,900 jobs from October 2012 to October 2013, an annual growth rate of 3.7 percent (Table 2 and Figure 6).

    Texas’ construction industry added 15,200 jobs from October 2012 to October 2013, a 2.5 percent growth rate (Table 2 and Figure 7). Job gains consisted of 6,400 jobs in the state’s construction of buildings industry and 21,800 in specialty trade contractors while the state’s heavy and civil engineering construction lost 13,000 jobs.

    Texas’ education and health services industry added 30,300 jobs from October 2012 to October 2013, an annual growth rate of 2 percent (Table 2 and Figure 8). Job gains consisted of 29,600 jobs in the state’s health services industry and 700 in educational services.

    Texas’ financial activities (finance, insurance, real estate, rental and leasing services) added 9,200 jobs from October 2012 to October 2013, an annual growth rate of 1.4 percent (Table 2 and Figure 9). Job gains consisted of 4,800 jobs in the state’s real estate, rental and leasing industry and 4,400 in the state’s finance and insurance industry.

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    The other services industry (repair and maintenance, personal and laundry services, religious, civic and professional organizations) gained 4,300 jobs over the year, a 1.1 percent increase (Table 2 and Figure 10).

    The state’s manufacturing industry gained 2,200 jobs from October 2012 to October 2013, an annual growth rate of 0.3 percent (Table 2 and Figure 11). The durable manufacturing industry gained 14,000 jobs while the state’s nondurable manufacturing lost 11,800 jobs. Major job gains in durable goods manufacturing were in fabricated metal product manufacturing (5,800 jobs), transportation equipment manufacturing (3,300), computer and electronic product manufacturing (2000), wood product manufacturing (1,700), nonmetallic mineral product manufacturing (1,000), electric equipment, appliance and component manufacturing (700), primary metal manufacturing (400), and machinery manufacturing (300). Major job gains in the state’s nondurable manufacturing industry were in chemical manufacturing (2,300) and petroleum and coal products manufacturing (400). Major job losses in this industry were in food manufacturing (3,100), printing and related support manufacturing (1,300), plastic and rubber manufacturing (800), and beverage and tobacco product manufacturing (100).

    The state’s government sector gained 2,600 jobs from October 2012 to October 2013, an annual growth rate of 0.1 percent (Table 2 and Figure 12). Government job gains consisted of 14,200 local government jobs. Government job losses occurred in the state’s federal government (9,900) and state government (1,700).

    The state’s transportation, warehousing and utilities industry lost 600 jobs over the year, a 0.1 percent decline rate (Table 2 and Figure 13).

    Texas Metropolitan Statistical Areas All Texas metro areas except Texarkana had more jobs in October 2013 than in October 2012 (Table 4). Midland ranked first in job creation, followed by Odessa, Longview, Corpus Christi, Fort Worth- Arlington, Dallas-Plano-Irving, and Houston-Sugar Land-Baytown (Table 4). Figures 14 to 39 show annual employment growth rates for the state’s metropolitan areas from January 2010 to October 2013.

    The state’s actual unemployment rate in October 2013 was 6 percent. Midland had the lowest unemployment rate followed by Odessa, Amarillo, Abilene, Lubbock and San Angelo (Table 5).

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    Table 1 Texas and U.S. Labor Markets Change Nonfarm Employment October 2013 October 2012 Absolute Percent Texas 11,287,400 11,019,500 267,900 2.4 United States 137,540,000 135,241,000 2,299,000 1.7 Private Employment October 2013 October 2012 Absolute Percent Texas 9,465,500 9,200,200 265,300 2.9 United States 115,308,000 112,987,000 2,321,000 2.1 Actual Seasonally Adjusted Unemployment Rate October 2013 October 2012 October 2013 October 2012 Texas 6.0 6.2 6.2 6.4 United States 7.0 7,5 7.3 7.9 Sources: Texas Workforce Commission and U.S. Bureau of Labor Statistics

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    Table 2

    Texas Industries and Government Sector Ranked by Employment Growth Rate from October 2012 to October 2013

    Change Rank Industry October 2013 October 2012 Absolute Percent 1 Mining and Logging 290,700 275,800 14,900 5.4 2 Professional & Business Services 1,503,100 1,429,200 73,900 5.2 3 Information 205,600 197,600 8,000 4.1 4 Trade 1,800,200 1,733,200 67,000 3.9 5 Leisure & Hospitality 1,139,900 1,099,000 40,900 3.7 6 Construction 622,400 607,200 15,200 2.5 7 Education & Health Services 1,515,600 1,485,300 30,300 2.0 8 Financial Activities 675,500 666,300 9,200 1.4 9 Other Services 388,700 384,400 4,300 1.1 10 Manufacturing 873,600 871,400 2,200 0.3 11 Government 1,821,900 1,819,300 2,600 0.1 12 Transportation, Warehousing, Utilities 450,200 450,800 –600 –0.1 Sources: Texas Workforce Commission and Real Estate Center at Texas A&M University Table 3 Texas Industries’ and Government’s Shares of Employment October October Industry 2013 1990 Mining and Logging 2.6 2.3 Construction 5.5 4.9 Manufacturing 7.7 13.3 Trade 16.0 17.8 Transportation, Warehousing, Utilities 4.0 4.2 Information 1.8 2.5 Financial Activities 6.0 6.4 Professional and Business Services 13.3 9.2 Education and Health Services 13.4 9.6 Leisure and Hospitality 10.1 8.3 Other Services 3.4 3.7 Government Sector 16.1 17.8 Sources: Texas Workforce Commission and Real Estate Center at Texas A&M University Note: Components may not add to 100 due to rounding.

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    Table 4 Texas Metropolitan Areas Ranked by Employment Growth Rate,

    October 2012 to October 2013 Rank Metro Area Percent Growth Rate 1 Midland 5.2