Why This Single State is Being Called “The Great American Job Machine”
The American Enterprise Institute reports that data recently released by the Texas Workforce Commission shows job growth in the Lone Star State is the strongest in the country. In fact, says the article, job growth in Texas actually carries America’s improving labor market.
Here are some highlights of the December employment report for Texas, as included in the article:
1. Texas ended the year with the state’s largest ever year-over-year payroll gain with the eye-popping addition of 457,900 new jobs between December 2013 and December 2014. That’s more than 1,700 new payroll jobs that were added every business day last year in the Lone Star State, and 220 new jobs every business hour or almost 4 new jobs added every minute!
2. In just the last month of December, which marked the 51st consecutive month of employment growth, Texas added 45,700 new payroll jobs, which was more than 2,000 jobs every business day, almost 260 jobs every hour, and more than 4 new jobs every minute! The strong job growth in December brought the state’s jobless rate down to 4.6%, the lowest Texas unemployment rate since May 2008.
3. Total December employment in the Lone Star State reached a new record high of 12.45 million workers (11.783 million nonfarm payroll jobs and another 667,000 self-employed and farm workers), which was above the December 2007 level by 1,444,290 jobs (and by 13.1%), see chart above. In contrast, total employment at the end of the year in the rest of the country (US minus Texas) still remained 275,290 jobs below the pre-recession, December 2007 level (see chart above).
The Institute considers the Texas job creation statistics responsible for the 1.169 million net increase in total employment in the U.S. during the 7-year period from 2007 to 2014. In fact, 275,000 fewer Americans are employed by the other 49 states and the District of Columbia now than at the start of the recession. In contrast, Texas has added 1.25 million payroll jobs, and 190,000 non-payroll (self-employed and farm worker) jobs during the same period.