April 19, 2024
Beacon Employment Report | Texas
Presented by Beacon Economics
Copyright © Beacon Economics LLC
INDUSTRY OVERVIEW
- Leisure and Hospitality added more jobs in March than any other sector in the Texas economy, boosting payrolls by 7,300, a 0.5% increase month-over-month.
- Closely behind the gains in Leisure and Hospitality was Government, which added 6,100 new jobs during the month of March, a month-over-month increase of 0.3%.
- Administrative and Support also enjoyed notable gains, adding 4,100 new jobs during the month, a 0.5% increase.
- The largest increase (in percentage terms) among Texas’s major industries occurred in Mining and Logging, where payrolls increased 1.8% month-over-month, while the Other Services sector was the fastest growing on a year-over-year basis, boosting payrolls by 4.6%.
- A handful of Texas’s major industries shed jobs during March. Collectively, they lost 11,000 jobs, but year-over-year payrolls remain up in all these industries. The bulk of the job losses occurred in Retail Trade (-3,100), Professional, Scientific, and Technical Services (-3,100), and Manufacturing (-1,700).
- Information and Mining and Logging have underperformed over the last year and are the only two industries that have lost jobs on an annual basis. Both experienced an increase in payrolls month-over-month in March.
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