Despite drop in oil prices, Texas continues to generate more jobs

construction workers frame building

Image: Wikimedia Commons

Oil prices are falling, but the Texas economy continues to create jobs, economists at the Real Estate Center at Texas A&M University are reporting.

The economists say job gains in the state’s service-providing industries are offsetting job losses in the mining and manufacturing industries.

According to the center’s latest Monthly Review of the Texas Economy, the state’s economy gained 287,000 non-agricultural jobs from May 2014 to May 2015.

That’s an annual growth rate of 2.5 percent; the overall U.S. growth rate is 2.2 percent.

Texas’ seasonally adjusted unemployment rate fell to 4.3 percent from 5.1 percent a year ago. The nation’s rate decreased from 6.3 to 5.5 percent.

Among the state’s metro areas, Odessa ranked first in job creation, followed by Midland, Beaumont-Port Arthur, Dallas-Plano-Irving, Austin-Round Rock and San Antonio-New Braunfels.

More at the Mays Business School.