“TWC will continue to provide training solutions—from high school programs to advanced skills development—to help meet the workforce needs of our state.”
Texas Insider Report: AUSTIN, Texas – Texas’ labor market achieved a new record high in October for number of people in the civilian labor force. After adding 47,300 people over the month, the seasonally adjusted civilian labor force reached the new record high of 15,497,100. This marks the tenth consecutive month of growth for Texas’ civilian labor force. Over the year, Texas’ civilian labor force has added 360,800 people.
Texas’ seasonally adjusted total nonfarm employment dropped slightly to 14,276,300 following a decrease of 10,600 jobs over the month. However, Texas added 274,600 jobs from October 2023 to October 2024. Texas’ annual nonfarm growth rate currently sits at 2.0 percent, outpacing the U.S. growth rate by 0.6 percentage points.
The seasonally adjusted unemployment rate in Texas remained stable at 4.1 percent.
“Continued growth in the Texas labor force helps to create opportunities for employers and job seekers alike,” said TWC Chairman Bryan Daniel. “TWC will continue to provide training solutions—from high school programs to advanced skills development—to help meet the workforce needs of our state.”
The Financial Activities industry had the largest over-the-month increase in October after adding 6,200 jobs. The industry also grew by 3.1 percent over the year in Texas and outperformed the national growth rate by 2.8 percentage points. In addition, Leisure and Hospitality added 4,900 jobs over the month and Information added 1,900. The Manufacturing industry added 1,900 jobs over the month.
“Texas has experienced remarkable workforce growth, with over 360,000 people joining the civilian labor force in the past year,” said TWC Commissioner Representing Labor Alberto Treviño III. “TWC offers a wide variety of training programs and resources to help Texans gain new skills and achieve their career goals in our robust Texas economy.”
The Midland Metropolitan Statistical Area (MSA) had the lowest unemployment rate among Texas MSAs with a not seasonally adjusted rate of 2.8 percent in October, followed by the Amarillo MSA at 3.1 percent and the College Station-Bryan MSA at 3.2 percent.
“With the addition of 47,300 Texans in the civilian labor force, Texas employers have access to an expanding and diverse talent pool,” said TWC Commissioner Representing Employers Joe Esparza. “TWC and our 28 Workforce Solutions partners are committed to ensuring Texas businesses have the tools they need to succeed in our rapidly growing economy.”
Employment estimates released by TWC are produced in cooperation with the U.S. Department of Labor’s Bureau of Labor Statistics. *All estimates are subject to revision. To access this and more employment data, visit TexasLMI.com.
The Texas Labor Market Information Data for November is scheduled to be released on Friday, December 20, 2024, at 9:00 a.m. (CT).
