Where is the Hottest Job Growth in Your City?
The Texas economy expanded in March 2017 with the addition of 9,500 seasonally adjusted nonfarm jobs. The state’s unemployment rate rose slightly from 4.9 percent to 5 percent. Statewide, Texas' job growth rate remained steady at 1.9 percent over the year. Despite the slight increase in the unemployment rate, economists at the Federal Reserve Bank of Dallas predict that the state’s job growth will reach 2.4 percent by the end of 2017. Here is an employment snapshot of some of the major metro areas in Texas:
Houston’s nonfarm employment grew at a rate of 2.5 percent from December of 2016 to the end of the first quarter of 2017. The March unemployment rate was 5.6 percent, and the labor force grew at an annualized rate of 2.5 percent during the same period. The largest job gains were seen in manufacturing, leisure & hospitality, and professional business services.
Amazon has plans for two major developments in the Houston area: a distribution facility at the southwest corner of Interstate 45 and Beltway 8 and a fulfillment center in the far west community of Katy. Together, these developments represent several thousand potential jobs for the Houston market.
Among the 12 largest metropolitan areas in the country, Dallas ranked second in both the rate of job growth and the number of jobs added. Leisure and hospitality showed a 9.2 percent increase and the professional and business service sectors added jobs at a rate of 6 percent. Unemployment in Dallas at the end of Q1 was 4.1 percent.
Toyota confirmed that it would hire more than 1,000 employees for its new North American headquarters campus in Plano. Move-in is scheduled for mid-2017.
Job growth in Austin far exceeds state and national averages across almost all sectors, and the capital city’s March unemployment rate was 3.6 percent. According to a 2016 analysis by American City Business Journals, the number of small businesses in Austin grew 9.7 percent from 2010-2013, the fastest rate in the nation. Innovative startups, the abundance of technology firms and a thriving university community have secured Austin’s spot as one of the top tech towns in the country.
Everyone! From technology startups to health care to restaurants, the job market in Austin is robust, and competition for talent has driven wages higher than state and national averages.
San Antonio’s March unemployment rate was 4 percent, and job growth exceeded both state and national averages. Wages showed a sharp increase of 6.5 percent in payroll jobs and hourly wages. Job growth was highest in mining, construction, and health/private education services.
Hulu announced its decision to open a new “viewer experience headquarters” in San Antonio, creating 300 jobs in 2017 and 200 more jobs in 2018. Task US, a California-based company that sells business outsourcing to tech startups, has leased 32,000 square feet of space and has planned to hire 500 workers.