Did you know that Texas has had job growth 17 out of the past 18 months? According to the Texas Workforce Commission 38,300 jobs were added to the Texas economy in September alone with a total of 206,800 jobs added in 2016. Texas had the largest job growth in September with California coming in second, having added 30,000 jobs.
Without a doubt Texas is growing, but what makes this growth so unique and promising for our great state is the fact that the growth is across a diverse set of industries. Leisure and entertainment had the largest employment gain in the month over month with Professional and Business Services and Construction also steadily adding jobs. The private sector also experienced continued growth with 31,600 jobs added in September. The combination of these industries growth will help to continue to build Texas’ dynamic workforce and build upon the state being a global economic leader to reckon with.
Texas Workforce Commission Commissioner Representing Employers Ruth R. Hughs said, “Texas is a state that continues to welcome new employers and work with our homegrown businesses, offering them the tools they need to grow and succeed.”
Back in 2014, Jason Russell with the Washington Examiner marveled that the “economic miracle in Texas continues” as shown in the graph below, noting the Texas employment growth versus the U.S. since the 2007 recession.
Now, we are deep into 2016, and this still holds strong. Texas’ job growth has continued to upward momentum, and we feel it in the real estate industry.
You may ask why the big job growth for Texas. Here’s my take:
- Talent Opportunity – Employers are seeing the diverse and skilled workforce of Texans, and let’s face it – Texas has one of the best labor pools.
- Tax climate – Texas is ranked #14 for the Best Tax Climates for businesses. This makes our great state very attractive to businesses.
- Abundant land and affordable housing – the state’s housing supply is in a growing phase of the construction cycle and homes are relatively affordable compared to other states.
According to the Texas A&M University Real Estate Center, “Texas’ abundance of available land and the relative ease of acquiring it are key to the housing market’s flexibility.” And, we need homes for our workforce. That’s where all of you come in.
Stay tuned for more on Texas economics and what this means for us.