This presentation provides information about Texas’ economy, labor market, and fiscal situation and key public policies that would strengthen the Texas model to foster more individual liberty and economic prosperity.
Here's my statement on the latest state-level jobs report.
AUSTIN – Today, the U.S. Bureau of Labor Statistics released state-level labor market data for May 2018. Texas employers created the most net nonfarm jobs of any state in May (+34,700) and in the last 12 months (+352,100). Dr. Vance Ginn, director of the Center for Economic Prosperity and senior economist at the Texas Public Policy Foundation, issued the following statement:
“This is another outstanding jobs report for Texans and for many Americans nationwide. Employers in most private-sector industries continued to hire at a robust pace across the Lone Star State,” said Ginn. “There continues to be indications that the Tax Cuts and Jobs Act that Congress passed last December contributed to more economic activity and job creation and near historic highs in business and consumer confidences. Also, early data indicate the reduction in state and local tax deductions supports faster job creation in low-tax states like Texas compared to high-tax states like California.”
Texas’ unemployment rate of 4.1 percent in May has remained at or below 5 percent for 46 straight months. Also, Texas has now had positive job creation in 94 of the last 100 months.
The Texas Workforce Commission reports diversified job creation across all industries in Texas except the information and financial services categories. With 332,300 jobs created in last twelve months, Texas’ unemployment rate of 4.1 percent in March has remained at or below 5 percent for 45 straight months.
The unemployment rates in major Texas metro areas remained essentially unchanged from last month: Austin-Round Rock at 2.8 percent, Dallas-Fort Worth-Arlington at 3.4 percent, Houston-The Woodlands-Sugar Land at 4.2 percent, and San Antonio-New Braunfels at 3.1 percent.
Ph.D. Economist at the Texas Public Policy Foundation. Blog posts are publications by the author.