OIL INDUSTRY BOOSTS TEXAS JOB GROWTH

 COLLEGE STATION (Real Estate Center) – Texas’ mining and logging industry ranked first in job creation in the past year, followed by the professional and business services industry, and the leisure and hospitality industry, according to the latest Monthly Review of the Texas Economy.

Overall, the state’s economy gained 205,100 nonagricultural jobs from December 2010 to December 2011, an annual growth rate of 2 percent compared with 1.3 percent for the United States. The state’s nongovernment sector added 261,200 jobs, an annual growth rate of 3 percent compared with 1.8 percent for the nation’s private sector.

Texas’ seasonally adjusted unemployment rate fell from 8.3 percent to 7.8 percent while the nation’s rate decreased from 9.4 percent to 8.5 percent.

All Texas industries except the information industry, construction industry, and the state’s government sector had more jobs in December 2011 than in December 2010.

All Texas metro areas except Abilene, Wichita Falls, College Station-Bryan, Killeen-Temple-Fort Hood, Brownsville-Harlingen and Beaumont-Port Arthur had more jobs in December 2011 than in December 2010. Laredo ranked first in job creation followed by Corpus Christi, Victoria, Lubbock, Midland and Houston-Sugar Land-Baytown.

The state’s actual unemployment rate in December 2011 was 7.2 percent. Midland had the lowest unemployment rate followed by Amarillo, Odessa, Lubbock, College Station and San Angelo.