Over the month in January, 5 of 11 Major Texas Industries achieved new series highs
Texas Insider Report: AUSTIN, Texas – The Texas labor market saw record-breaking growth in January, with both the number of month-over-month jobs increasing and the number of Texans employed and the civilian labor force continuing to rise.
Following annual benchmarking revisions to the 2023 Labor Market Data, Texas’ seasonally adjusted job count increased by 18,900 in January to reach 14,053,400 jobs – and has achieved growth in 43 of the last 45 months.
According to the revised data, Texas’ total nonfarm employment grew by 263,900 jobs from January 2023 to January 2024, which represents a 1.9% Annual Rate of Growth.
The Texas seasonally adjusted Civilian Labor Force grew over the month by 12,800 people to reach 15,143,400 in January. This included the addition of 16,000 employed Texans over the month.
According to the revised data, Texas’ total nonfarm employment grew by 263,900 jobs from January 2023 to January 2024, which represents a 1.9% Annual Rate of Growth.The Texas seasonally adjusted Civilian Labor Force grew over the month by 12,800 people to reach 15,143,400 in January. This included the addition of 16,000 employed Texans over the month.
The seasonally adjusted unemployment rate registered at 3.9%for the eighth consecutive month, based on the revised 2023 data, while dropping from the January 2023 rate of 4.1%.
“Texas continues to lead the nation in job growth and economic stability,” said TWC Chairman Bryan Daniel. “As we make our way into 2024, the Texas labor force continues to upskill and become the workforce of tomorrow.”
Over the month in January, five of 11 major industries in Texas achieved series highs. The most significant private sector growth occurred in Other Services with 5,000 jobs added, while 4,400 jobs were added in Professional and Business Services.
Another 4,000 jobs were added in Private Education and Health Services over the month.
In addition, Construction industry annual growth outpaced the nation by 0.3 percentage points in January.
“TWC helps Texans get the training, guidance, and support they need to continue our industry growth and remain the second largest economy in the U.S.,” said TWC Commissioner Representing Labor Alberto Treviño III.
“The Texas Workforce System continues to assist more than 15.1 million people in the civilian labor force with employment and long-term careers,” Treviño said.
The Midland Metropolitan Statistical Area (MSA) maintained the lowest unemployment rate among Texas MSAs with a not seasonally adjusted rate of 2.6% in January, followed by the Amarillo MSA at 3.1%, and College Station-Bryan at 3.3%.
“The Texas labor market is continuing its forward momentum with 14,000 private sector jobs added over the month in January,” said TWC Commissioner Representing Employers Joe Esparza.
“Texas employers are creating thousands of opportunities for Texans, and TWC has the resources they need to train and upskill their workforce,” he noted.
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 February is scheduled to be released on Friday, March 22, 2024, at 9:00 a.m. (CT).
