Monthly Review of the Texas Economy

Transcription

1 AT TEXAS A&M UNIVERSITY Monthly Review of the Texas Economy By Ali Anari, Research Economist T E C H N I C A L R E P O RT SEPTEMBER 16 TR

2 Monthly Review of the Texas Economy September 16 By Ali Anari Texas gained 186,9 nonagricultural jobs from August 15 to August 16, an annual growth rate of 1.6 percent, lower than the nation s growth rate of 1.7 percent (Table 1 and Figure 1). The nongovernment sector added 16,3 jobs, an annual growth rate of 1.5 percent compared with 1.9 percent for the nation s private sector (Table 1). Texas seasonally adjusted unemployment rate in August 16 was.7, up from. percent in August 15. The nation s rate decreased from 5.1 to.9 percent (Table 1). Texas Employment Growth Rates by Industry Table shows Texas industries ranked by employment growth rate from August 15 to August 16. All Texas industries except mining and logging, manufacturing, and the transportation, warehousing, and utilities industry had more jobs in August 16 than in August 15. Leisure and hospitality ranked first in job creation followed by financial activities, education and health services, the government sector, trade, and professional and business services. Figures to 13 show trends in employment growth rates by industry. Texas Job Shares by Industry and the Government Sector Table 3 shows Texas industries and the state s government sector ranked by their shares of Texas jobs in August 16. Of the 1,17,8 nonagricultural jobs in August 16, the highest percentage of employment by industry was in trade, followed by the government sector, education and health services, professional and business services, and leisure and hospitality. Since August 15 the state s trade industry, government sector, education and health services, professional and business services, leisure and hospitality, and financial activities have expanded their shares of Texas employment at the expense of manufacturing, construction, transportation, warehousing, and utilities, mining and logging, and the information industry. Figures 1 to 5 show trends in shares of total Texas jobs by industry. Contributions to Texas Employment Growth Rate by Industry Texas statewide employment growth rate of 1.6 percent, or more exactly percent, from August 15 to August 16 is the weighted average of employment growth rates for all Texas industries for the period. Weights are shares of jobs by industry. The contribution of each industry to the statewide employment growth rate is equal to the employment growth rate of that industry multiplied by its share of Texas jobs. Table shows Texas industries and the state s government sector ranked by their contributions to Texas employment growth rates from August 15 to August 16. The state s education and health services industry ranked first in contribution to job growth followed by leisure and hospitality, government sector, trade, professional and business services, and financial activities. Figures 6 to 37 show trends in contributions of Texas industries to Texas job growth rates. Employment Growth Rates by Texas Metropolitan Areas All Texas metro areas except Odessa, Midland, Texarkana, and Wichita Falls had more jobs in August 16 than in August 15 (Table 5). College Station-Bryan ranked first in job creation followed by Dallas-Plano-Irving, Laredo, Austin-Round Rock, and Brownsville-Harlingen 1

3 (Table 5). Figures 38 to 63 show trends in annual employment growth rates for the state s metropolitan areas. Texas Job Shares by Metropolitan Area Table 6 shows Texas metropolitan areas ranked by their shares of total Texas jobs in August 16. The Houston-The Woodlands-Sugar Land metro area had the largest share of Texas jobs followed by Dallas-Plano-Irving, Fort Worth-Arlington, San Antonio-New Braunfels, Austin- Round Rock, El Paso, and McAllen-Edinburg-Mission. Figures 6 to 89 show trends in Texas metropolitan shares of total Texas jobs. Contributions to Texas Employment Growth Rate by Metropolitan Area The statewide employment growth rate of percent in Texas from August 15 to August 16 is the weighted average of employment growth rates of all Texas metro areas for the period. Weights are shares of jobs by area. The contribution of each metro area to the statewide employment growth rate is equal to the employment growth rate in that area multiplied by its share of Texas jobs. Table 7 shows Texas metro areas ranked by their contributions to Texas employment growth rates from August 15 to August 16. The Dallas-Plano-Irving metro area ranked first followed by Austin-Round Rock, San Antonio-New Braunfels, Fort Worth- Arlington, Houston-The Woodlands-Sugar Land, El Paso, and McAllen-Edinburg-Mission. Figures 9 to 115 show trends in contributions of Texas metro areas to total Texas job growth rates. Unemployment Rate by Metropolitan Area The state s actual unemployment rate in August 16 was 5 percent. Amarillo had the lowest unemployment rate, followed by Austin-Round Rock, Lubbock, Dallas-Plano-Irving, Sherman- Denison, College Station-Bryan, and San Antonio-New Braunfels (Table 8). Employment Growth Rates and Unemployment Rates by Metropolitan Area Figure 116 shows employment growth rates of Texas metro areas from August 15 to August 16 on the vertical axis and their unemployment rates in August 16 on the horizontal axis. Dotted lines for Texas employment growth rate of 1.6 percent from August 15 to August 16 and Texas unemployment rate of 5 percent in August 16 show the state s metro areas currently falling into the following groups: a. Metro areas with employment growth rates higher than Texas and unemployment rates lower than Texas are College Station-Bryan, Dallas-Plano-Irving, Austin-Round Rock, San Angelo, Lubbock, Killeen-Temple, Waco, San Antonio-New Braunfels, and Fort Worth-Arlington. b. Metro areas with employment growth rates higher than Texas and unemployment rates higher than Texas were Laredo, El Paso, Brownsville-Harlingen, McAllen-Edinburg- Mission, Tyler and Victoria. c. Metro areas with employment growth rates lower than Texas and unemployment rates lower than Texas were Sherman-Denison, Amarillo, Abilene, Wichita Falls, Texarkana, and Midland. d. Metro areas with employment growth rates lower than the statewide average and unemployment rate higher than the statewide average were Houston-The Woodlands-Sugar Land, Corpus Christi, Beaumont-Port Arthur, Longview, and Odessa.

4 Table 1 Texas and U.S. Labor Markets Change NonFarm Employment Aug. 16 Aug. 15 Absolute Texas 1,17,8 11,83,9 186,9 1.6 United States 1,, 11,973,,51, 1.7 Private Employment Aug. 16 Aug. 15 Absolute Texas 1,,1 1,53,8 16,3 1.5 United States 13,95, 11,9,,66, 1.9 Not Seasonally Adjusted Seasonally adjusted Unemployment Rate Aug. 16 Aug. 15 Aug. 16 Aug. 15 Texas United States Sources: Texas Workforce Commission and U.S. Bureau of Labor Statistics Table Texas Industries and Government Sector Ranked by Employment Growth Rate From August 15 to August 16 August August Rank Industry Change %Change 1 Leisure and Hospitality 1,3,8 1,7, 5,8.16 Financial Activities 75,6 7,9 5, Education and Health Services 1,65,3 1,591, 5,3 3.1 Government 1,817,7 1,777,1,6.8 5 Trade 1,9, 1,93,9,3.1 6 Professional and Business Services 1,636,9 1,66,6 3, Other Services 3, 3, 6, Construction 699, 69, 7, Information 3,5, Transportation, Warehousing, Utilities 9,7 99,9-5, Manufacturing 86, 875,5-9, Mining and Logging 6,3 63,8-37,5-1. 3

5 Table 3 Texas Industries' and Government's Shares of Employment August August Rank Industry 1 Trade Government Education and Health Services Professional and Business Services Leisure and Hospitality Manufacturing Financial Activities Construction Transportation, Warehousing, Utilities Other Services Mining and Logging Information Total Note: Components may not add up to totals due to rounding Table Contributions of Texas Industries and the Government Sector to Texas Employment Growth Rate August August Rank Industry 1 Education and Health Services Leisure and Hospitality Government Trade Professional and Business Services Financial Activities Construction Other Services Information Transportation, Warehousing, Utilities Manufacturing Mining and Logging Total Note: Components may not add up to totals due to rounding

6 Table 5 Texas Metropolitan Areas Ranked by Employment Growth Rate From August 15 To August 16 Rank Metropolitan Area Employment Growth Rate, % 1 College Station-Bryan. Dallas-Plano-Irving. 3 Laredo 3.6 Austin-Round Rock 3. 5 Brownsville-Harlingen.8 6 McAllen-Edinburg-Mission.7 7 El Paso.3 7 San Angelo.3 9 Killeen-Temple. 1 Lubbock.1 11 Waco. 1 San Antonio-New Braunfels Victoria Fort Worth-Arlington Tyler 1.7 Texas Sherman-Denison Corpus Christi Amarillo Beaumont-Port Arthur 1. Abilene.7 1 Longview.6 Houston-The Woodlands-Sugar Land.5 3 Texarkana. 3 Wichita Falls. 5 Midland Odessa

7 Table 6 Texas Metropolitan and Micropolitan Shares of Total Texas Jobs August August Rank Metropolitan Area 1 Houston-The Woodlands-Sugar Land Dallas-Plano-Irving Fort Worth-Arlington San Antonio-New Braunfels Austin-Round Rock El Paso McAllen-Edinburg-Mission Corpus Christi Beaumont-Port Arthur Lubbock Brownsville-Harlingen Killeen-Temple Amarillo Waco College Station-Bryan Laredo Tyler Longview Midland Odessa Abilene Texarkana Wichita Falls San Angelo Sherman-Denison Victoria Micropolitan Texas Total Note: Components may not add up to totals due to rounding 6

8 Table 7 Contributions of Texas Metropolitan and Micropolitan Areas to Total Texas Employment Growth Rate August August Rank Metropolitan Area Dallas-Plano-Irving Austin-Round Rock San Antonio-New Braunfels Fort Worth-Arlington Houston-The Woodlands-Sugar Land El Paso McAllen-Edinburg-Mission College Station-Bryan Brownsville-Harlingen Laredo Killeen-Temple Lubbock Corpus Christi Waco Tyler Beaumont-Port Arthur Amarillo San Angelo Victoria Sherman-Denison.51.1 Longview Abilene..6 3 Texarkana Wichita Falls Midland Odessa Micropolitan Texas Total Note: Components may not add up to totals due to rounding 7

9 Table 8 Texas Metropolitan Areas Ranked by Unemployment Rate, August 16 Rank Metropolitan Area Unemployment Rate,% 1 Amarillo 3. Austin-Round Rock Lubbock 3.8 Dallas-Plano-Irving. Sherman-Denison. 6 College Station-Bryan.1 6 San Antonio-New Braunfels.1 8 Abilene. 9 Fort Worth-Arlington.3 1 Waco. 11 Midland.6 11 Wichita Falls.6 13 San Angelo.7 1 Killeen-Temple.8 15 Texarkana.9 Texas Tyler Laredo El Paso Victoria 5.7 Houston-The Woodlands-Sugar Land Corpus Christi 6. Longview 6.8 Odessa 6.8 Beaumont-Port Arthur Brownsville-Harlingen McAllen-Edinburg-Mission 8. Sources:Texas Workforce Commission and Real Estate Center at Texas A&M University 8

10 3 Figure 1 Nonfarm Employment Growth Rates for United States and Texas Texas U.S. 1-1 Figure Texas Leisure and Hospitality Industry Annual Employment Growth Rates, Figure 3 Texas Financial Activities Industry Annual Employment Growth Rates,

11 6 Figure Texas Education and Health Services Industry Annual Employment Growth Rates, Figure 5 Texas Government Sector Annual Employment Growth Rates, Figure 6 Texas Trade Industry Annual Employment Growth Rates,

12 6 Figure 7 Texas Professional and Business Services Industry Annual Employment Growth Rates, Figure 8 Texas Other Services Industry Annual Employment Growth Rates, Figure 9 Texas Construction Industry Annual Employment Growth Rates,

13 3 Figure 1 Texas Information Industry Annual Employment Growth Rates, Figure 11 Texas Transportation, Warehousing, and Utilities Industry Annual Employment Growth Rates, Figure 1 Texas Manufacturing Industry Annual Employment Growth Rates,

14 Figure 13 Texas Mining and Logging Industry Annual Employment Growth Rates, Figure 1 Texas Trade Industry Share of Total Texas Jobs, Figure 15 Texas Government Sector Share of Total Texas Jobs,

15 13.8 Figure 16 Texas Education and Health Services Industry Share of Total Texas Jobs, Figure 17 Texas Professional and Business Services Industry Share of Total Texas Jobs, Figure 18 Texas Leisure and Hospitality Industry Share of Total Texas Jobs,

16 8. Figure 19 Texas Manufacturing Industry Share of Total Texas Jobs, Figure Texas Financial Activities Industry Share of Total Texas Jobs, Figure 1 Texas Construction Industry Share of Total Texas Jobs,

17 .3 Figure Texas Transportation, Utilities, Warehousing Industry Share of Total Texas Jobs, Figure 3 Texas Other Services Industry Share of Total Texas Jobs, Figure Texas Mining and Logging Industry Share of Total Texas Jobs,

18 1.8 Figure 5 Texas Information Industry Share of Total Texas Jobs, Figure 6 Texas Education and Health Services Industry Contribution to Texas Employment Growth Rate, Figure 7 Texas Leisure and Hospitality Industry Contribution to Texas Employment Growth Rate,

19 . Figure 8 Texas Government Sector Contribution to Texas Employment Growth Rate, Figure 9 Texas Trade Industry Contribution to Texas Employment Growth Rate, Figure 3 Texas Professional and Business Services Industry Contribution to Texas Employment Growth Rate,

20 . Figure 31 Texas Financial Activities Industry Contribution to Texas Employment Growth Rate, Figure 3 Texas Construction Industry Contribution to Texas Employment Growth Rate, Figure 33 Texas Other Services Industry Contribution to Texas Employment Growth Rate,

21 .6 Figure 3 Texas Information Industry Contribution to Texas Employment Growth Rate, Figure 35 Texas Transportation, Utilities, Warehousing Industry Contribution to Texas Employment Growth Rate, Figure 36 Texas Manufacturing Industry Contribution to Texas Employment Growth Rate,

22 . Figure 37 Texas Mining and Logging Industry Contribution to Texas Employment Growth Rate, Figure 38 College Station-Bryan Metro Area Annual Employment Growth Rates, Figure 39 Dallas-Plano-Irving Metro Area Annual Employment Growth Rates,

23 5 Figure Laredo Metro Area Annual Employment Growth Rates, Figure 1 Austin-Round Rock Metro Area Annual Employment Growth Rates, Figure Brownsville-Harlingen Metro Area Annual Employment Growth Rates,

24 Figure 3 McAllen-Edinburg Metro Area Annual Employment Growth Rates, Figure El Paso Metro Area Annual Employment Growth Rates, Figure 5 San Angelo Metro Area Annual Employment Growth Rates,

25 5 Figure 6 Killeen-Temple Metro Area Annual Employment Growth Rates, Figure 7 Lubbock Metro Area Annual Employment Growth Rates, Figure 8 Waco Metro Area Annual Employment Growth Rates,

26 5 Figure 9 San Antonio-New Braunfels Metro Area Annual Employment Growth Rates, Figure 5 Victoria Metro Area Annual Employment Growth Rates, Figure 51 Fort Worth-Arlington Metro Area Annual Employment Growth Rates,

27 5 Figure 5 Tyler Metro Area Annual Employment Growth Rates, Figure 53 Sherman-Denison Metro Area Annual Employment Growth Rates, Figure 5 Corpus Christi Metro Area Annual Employment Growth Rates,

28 3 Figure 55 Amarillo Metro Area Annual Employment Growth Rates, Figure 56 Beaumont-Port Arthur Metro Area Annual Employment Growth Rates, Figure 57 Abilene Metro Area Annual Employment Growth Rates,

29 Figure 58 Longview Metro Area Annual Employment Growth Rates, Figure 59 Houston-The Woodlands-Sugar Land Metro Area Annual Employment Growth Rates, Figure 6 Texarkana Metro Area Annual Employment Growth Rates,

30 Figure 61 Wichita Falls Metro Area Annual Employment Growth Rates, Figure 6 Midland Metro Area Annual Employment Growth Rates, Figure 63 Odessa Metro Area Annual Employment Growth Rates,

31 5. Figure 6 Houston-The Woodlands-Sugar Land Metro Area Share of Total Texas Jobs, Figure 65 Dallas-Plano-Irving Metro Area Share of Total Texas Jobs, Figure 66 Fort Worth-Arlington Metro Area Share of Total Texas Jobs,

32 8.5 Figure 67 San Antonio-New Braunfels Metro Area Share of Total Texas Jobs, Figure 68 Austin-Round Rock Metro Area Share of Total Texas Jobs, Figure 69 El Paso Metro Area Share of Total Texas Jobs,

33 . Figure 7 McAllen-Edinburg-Mission Metro Area Share of Total Texas Jobs, Figure 71 Corpus Christi Metro Area Share of Total Texas Jobs, Figure 7 Beaumont-Port Arthur Metro Area Share of Total Texas Jobs,

34 1.1 Figure 73 Lubbock Metro Area Share of Total Texas Jobs, Figure 7 Brownsville-Harlingen Metro Area Share of Total Texas Jobs, Figure 75 Killeen-Temple Metro Area Share of Total Texas Jobs,

35 1.5 Figure 76 Amarillo Metro Area Share of Total Texas Jobs, Figure 77 Waco Metro Area Share of Total Texas Jobs, Figure 78 College Station-Bryan Metro Area Share of Total Texas Jobs,

36 .868 Figure 79 Laredo Metro Area Share of Total Texas Jobs, Figure 8 Tyler Metro Area Share of Total Texas Jobs, Figure 81 Longview Metro Area Share of Total Texas Jobs,

37 .8 Figure 8 Midland Metro Area Share of Total Texas Jobs, Figure 83 Odessa Metro Area Share of Total Texas Jobs, Figure 8 Abilene Metro Area Share of Total Texas Jobs,

38 .55 Figure 85 Texarkana Metro Area Share of Total Texas Jobs, Figure 86 Wichita Falls Metro Area Share of Total Texas Jobs, Figure 87 San Angelo Metro Area Share of Total Texas Jobs,

39 .5 Figure 88 Sherman-Denison Metro Area Share of Total Texas Jobs, Figure 89 Victoria Metro Area Share of Total Texas Jobs, Figure 9 Dallas-Plano-Irving Metro Area Contribution to Texas Employment Growth Rate,

40 . Figure 91 Austin-Round Rock Metro Area Contribution to Texas Employment Growth Rate, Figure 9 San Antonio-New Braunfels Metro Area Contribution to Texas Employment Growth Rate, Figure 93 Fort Worth-Arlington Metro Area Contribution to Texas Employment Growth Rate,

41 1. Figure 9 Houston-The Woodlands-Sugar Land Metro Area Contribution to Texas Employment Growth Rate, Figure 95 El Paso Metro Area Contribution to Texas Employment Growth Rate, Figure 96 McAllen-Edinburg-Mission Metro Area Contribution to Texas Employment Growth Rate,

42 .8 Figure 97 College Station-Bryan Metro Area Contribution to Texas Employment Growth Rate, Figure 98 Brownsville-Harlingen Metro Area Contribution to Texas Employment Growth Rate, Figure 99 Laredo Metro Area Contribution to Texas Employment Growth Rate,

43 .6 Figure 1 Killeen-Temple Metro Area Contribution to Texas Employment Growth Rate, Figure 11 Lubbock Metro Area Contribution to Texas Employment Growth Rate, Figure 1 Corpus Christi Metro Area Contribution to Texas Employment Growth Rate,

44 . Figure 13 Waco Metro Area Contribution to Texas Employment Growth Rate, Figure 1 Tyler Metro Area Contribution to Texas Employment Growth Rate, Figure 15 Beaumont-Port Arthur Metro Area Contribution to Texas Employment Growth Rate,

45 .5 Figure 16 Amarillo Metro Area Contribution to Texas Employment Growth Rate, Figure 17 San Angelo Metro Area Contribution to Texas Employment Growth Rate, Figure 18 Victoria Metro Area Contribution to Texas Employment Growth Rate,

46 .16 Figure 19 Sherman-Denison Metro Area Contribution to Texas Employment Growth Rate, Figure 11 Longview Metro Area Contribution to Texas Employment Growth Rate, Figure 111 Abilene Metro Area Contribution to Texas Employment Growth Rate,

47 . Figure 11 Texarkana Metro Area Contribution to Texas Employment Growth Rate, Figure 113 Wichita Falls Metro Area Contribution to Texas Employment Growth Rate, Figure 11 Midland Metro Area Contribution to Texas Employment Growth Rate,

48 .8 Figure 115 Odessa Metro Area Contribution to Texas Employment Growth Rate, Figure 116 Texas Metropolitan Employment Growth Rates and Unemployment Rates.5 College Station-Bryan. Dallas-Plano-Irving Employment Growth Rates, August 15 to August 16, Laredo Austin-Round Rock San Angelo Lubbock Killeen-Temple Waco San Antonio-New Braunfels Fort Worth-Arlington Texas Sherman-Denison Amarillo Abilene T exarkana Wichita Falls Midland Texas El Paso Victoria T yler Corpus Christi Houston-Woodlands-Sugar Land Brownsville-Harlingen McAllen-Edinburg-Mission Beaumont-Port Arthur Longview -1.5 Odessa Unemployment Rate, August 16, 7

49 MAYS BUSINESS SCHOOL Texas A&M University 115 TAMU College Station, TX DIRECTOR GARY W. MALER ADVISORY COMMITTEE RUSSELL CAIN, CHAIRMAN Port Lavaca MARIO A. ARRIAGA Conroe JACQUELYN K. HAWKINS Austin TED NELSON Houston DOUG ROBERTS Austin DOUG JENNINGS, VICE CHAIRMAN Fort Worth KIMBERLY SHAMBLEY Dallas RONALD C. WAKEFIELD San Antonio C. CLARK WELDER San Antonio BILL JONES, EX-OFFICIO Temple i