COLLEGE STATION (Real Estate Center) – The Texas economy continues to create jobs while the U.S. economy is losing them. The state’s nonfarm employment rose 2.3 percent from August 2007 to August 2008, while the nation’s decreased by 0.3 percent.

Texas’ seasonally adjusted unemployment rate rose from 4.3 percent in August 2007 to 5 percent in August 2008. Over the same period, the U.S. rate rose from 4.7 percent to 6.1 percent.

The state’s mining industry, boosted by higher oil prices, ranked first in job creation, followed by professional and business services, construction, the leisure and hospitality industry, and the education and health services industry.

All Texas metros except Lubbock experienced positive employment growth rates from August 2007 to August 2008. McAllen-Edinburg-Mission ranked first in job creation followed by College Station–Bryan, Odessa, El Paso, Laredo and Texarkana. The state’s actual unemployment rate in August 2008 was 5.1 percent.

Petroplexes Midland and Odessa had the first- and second-lowest unemployment rates, followed by Amarillo, Lubbock, Abilene and Victoria.

The Real Estate Center's complete review of the Texas economy is available online.

Courtesy of

RECON

Real Estate Center Online News

September 26, 2008