Created Tuesday, 28 April 2009 18:39
RECESSION HITS CLOSER TO HOME
COLLEGE STATION (Real Estate Center RECON April 28, 2009) – The national recession is beginning to have a deeper impact on the Texas economy, which lost 113,600 jobs or 1.1 percent of its labor force from March 2008 to March 2009. Over the same period, the U.S. economy lost more than 4.8 million jobs or 3.6 percent of its labor force.
The state’s seasonally adjusted unemployment rate rose from 4.6 percent in March 2008 to 6.7 percent in March 2009. The U.S. rate rose from 5.1 percent to 8.5 percent during the same period.
Only three Texas industries — education and health services, natural resources and mining, and leisure and hospitality — plus the government sector had more jobs in March 2009 than in March 2008. Eight industries in the state’s economy lost jobs over the same period.
Eight Texas metro areas experienced positive employment growth rates from March 2008 to March 2009, two had a zero growth rate, and 13 metro areas experienced net job losses. Petroplexes Odessa and Midland ranked first and second in job creation followed by Killeen–Temple–Fort Hood, Tyler, Laredo and Austin–Round Rock.
Texas’ actual unemployment rate in March 2009 was 6.7 percent. Midland had the lowest unemployment rate followed by Amarillo, Lubbock, College Station–Bryan and Abilene.
The Real Estate Center’s complete economic review is available online.