The business climate in Texas must be tempting. And the Texas Workforce Commission has the numbers to prove it. In October, Texas added over 35,000 new seasonally-adjusted jobs, bringing the yearly total up to nearly 422,000 total. And the good news doesn’t stop there.
The state unemployment rate also fell from 5.2 percent to 5.1 percent.
Altogether, Texas has set the record for adding jobs for three months in a row.
Texas Workforce Commission Chair Andres Alcantar is reported to have said, “We have witnessed the Texas economy growing stronger and stronger over the last several years, culminating in another record-breaking month. The diversity of our growing industries, businesses and skilled workers has make for a prosperous Texas.”
Construction equipment will be a familiar site for a long time in Texas. Photo by Paul Brennan.
Of particular interest to our industry, over 9000 of those new positions are in construction. This indicates positive trends for real estate, both residential and commercial, will continue. The demand for both new and remodeled properties clearly exists.
Also of note are the over 17,500 new jobs in the trade, transportation and utility sector. With increased demand for energy, this segment will continue to see growth for a long time to come.
Excellent news for Texas!