COLLEGE STATION (Real Estate Center) – Texas relentlessly added more jobs in October despite more job losses for the nation. Texas’ nonfarm employment rose 2.2 percent from October 2007 to October 2008 compared with a decrease of 0.9 percent for the United States.
The state’s seasonally adjusted unemployment rate rose from 4.3 percent in October 2007 to 5.6 percent in October 2008. Over the same period, the nation's seasonally adjusted unemployment rate rose from 4.8 percent to 6.5 percent.
Despite recent oil price decreases, the state’s mining industry continued to gain more jobs and ranked first in job creation, followed by the professional and business services, leisure and hospitality industry, education and health services industry, and construction industry.
All Texas metros had positive employment growth rates from October 2007 to October 2008. McAllen-Edinburg-Mission ranked first in job creation followed by Laredo, College Station–Bryan, Midland and Longview.
The state’s actual unemployment rate in October 2008 was 5.4 percent. Petroplexes Midland and Odessa ranked first and second in lowest unemployment rate followed by Amarillo, Lubbock, Abilene and College Station–Bryan.
The complete economic review is available on the Real Estate Center's website.