Texas Labor Market Reached Historic Highs in 2023 The Texas labor market reached historic highs in 2023, breaking records in employment growth and the civilian labor force. In December, the state’s seasonally adjusted job count reached 14,103,300 jobs, an increase of 19,100 over the month — marking 27 consecutive months of new series employment highs. Texas’ employment growth rate continued to outpace the nation by a full percentage point, with 2.7% annual growth in the state from December 2022 to December 2023, compared to the nation’s 1.7%. The Texas seasonally adjusted civilian labor force grew over the month by 11,100 people to reach 15,203,900 in December. This marked a 12th consecutive monthly increase and included the addition of 18,400 Texans employed. The seasonally adjusted unemployment rate dropped from 4.1% in November to 4.0% in December. “Texas’ record-breaking employment growth remains a clear sign of the state’s economic strength,” said TWC Chairman Bryan Daniel. “We finished 2023 with thousands more jobs in the state than at any other time in history.” Statewide, seven of 11 major industries in Texas achieved series highs. Trade, Transportation and Utilities saw significant growth, with 7,100 jobs added, while 6,800 jobs were added in Private Education and Health Services and Leisure and Hospitality, respectively. “The month-over-month increase in jobs is good news for every Texan,” said TWC Commissioner Representing Labor Alberto Treviño III. “This continued growth shows that job seekers are taking advantage of career opportunities in the Lone Star State. TWC has the resources, services and training to upskill job seekers and meet the demands of Texas employers.” The Midland Metropolitan Statistical Area (MSA) maintained the lowest unemployment rate among Texas MSAs, with a not seasonally adjusted rate of 2.1% in December, followed by the Amarillo MSA at 2.5 % and College Station-Bryan at 2.6%. “The data shows Texas employers continue to grow and thrive as all major industries in the state expanded over the year,” said TWC Commissioner Representing Employers Joe Esparza. “To continue this growth, TWC and our 28 Workforce Solutions partners offer an array of resources for businesses to upskill, create new jobs and keep pace with the rapidly growing Texas economy.” Employment estimates released by TWC are produced in cooperation with the U.S. Department of Labor’s Bureau of Labor Statistics (BLS). *All estimates are subject to revision. To access this and more employment data, visit TexasLMI.com. The Texas Labor Market & Career Information Data for January is scheduled to be released on March 8, 2024, at 9:00 a.m. (CT). DEALERS’ CHOICE 34
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