COLLEGE STATION (Real Estate Center) – The latest economic figures indicate that the state’s economy continues to generate more jobs than the national average. From March 2006 to March 2007, Texas nonfarm employment rose 2.3 percent compared with 1.5 percent for the United States.

The state’s seasonally adjusted unemployment rate fell from 5 percent in March 2006 to 4.3 percent in March 2007.

Higher oil prices continue to boost employment in the state’s natural resource and mining industry, which consists mainly of oil and natural gas extraction. The industry gained 20,400 jobs from March 2006 to March 2007, an annual growth rate of 11.5 percent. It ranks first in job creation, followed by the leisure and hospitality industry, professional and business services, construction, and education and health services.

Most new jobs are being created in large metro areas. Austin–Round Rock posted its seventh consecutive month of more than 4 percent annualized employment growth rate. Dallas-Plano-Irving and Houston–Sugar Land continue to generate jobs at annual growth rates of more than 3 percent.

The Midland metro area had the lowest unemployment rate in March 2007 followed by Odessa, Amarillo, and Austin–Round Rock.

For more information, see the full report on the Center's website.

RECON

Real Estate Center Online News

May 1, 2007