TEXAS ECONOMY: SAME TUNE, BUT LOWER
COLLEGE STATION (Real Estate Center) – The latest Texas employment figures show a continuing downward trend.
The Texas economy lost 295,400 nonfarm jobs from August 2008 to August 2009, an annual job loss of 2.8 percent. The U.S. economy took a much larger hit, losing close to six million jobs or 4.4 percent of its total nonfarm jobs.
The state’s seasonally adjusted unemployment rate rose from 5 percent in August 2008 to 8 percent in August 2009, while the U.S. rate rose from 6.2 percent to 9.7 percent during the same period.
Only two Texas industries (education and health services, leisure and hospitality) and the government sector had more jobs in August 2009 than in August 2008. Nine industries experienced net job losses over the same period.
Only one Texas metro area, McAllen-Edinburg-Mission, experienced a positive employment growth rate from August 2008 to August 2009. Twenty-four metro areas experienced net job losses.
The state’s actual unemployment rate in August 2009 was 8.1 percent. Amarillo had the lowest unemployment rate, followed by Lubbock, Abilene, Midland and College Station.
For more on the Texas economy, read the Real Estate Center's latest monthly economic review, available on the Center's website.
@ THE CENTER