AUSTIN – Today, the Texas Workforce Commission released Texas labor market information for March 2016. The Texas Public Policy Foundation’s Economist Dr. Vance Ginn issued the following statement:
“Texas has been rather resilient to the collapse in oil and gas prices and slower global economic growth. Although net nonfarm employment declined by 12,000 jobs in March, job creation has been positive in 64 of the last 66 months,” said Dr. Ginn. “The economic headwinds are reflected in the decline of 7,500 jobs in the mining sector and 2,500 in the manufacturing sector last month. In addition, the professional and business services sector declined by 6,000, which are likely indirectly related to the mining industry downturn. Fortunately, Texas is a diversified economy with relatively fewer impediments from government regulation.
“During the last twelve months, states dependent on oil and gas activity have seen much weaker economic activity and job creation. For example, nonfarm job creation declined by 6,100 in Oklahoma, 13,200 in Louisiana, and 20,700 in North Dakota in that period. Texas, on the other hand, created a positive 185,000 jobs with private job creation of 152,300 that increased in all but the mining and manufacturing sectors. Texas’ job creation has helped keep the unemployment rate low at 4.3 percent, which has now been at or below the U.S. average rate for a remarkable 111 straight months. By continuing to find ways to get government out of the way and focus only on providing essential services, Texas will be the lighthouse of providing families with more prosperity that other states and D.C. should follow.”
Ph.D. Economist at the Texas Public Policy Foundation. Blog posts are publications by the author.