March 10, 2023

Beacon Employment Report | Texas

Presented by Beacon Economics

Copyright © Beacon Economics LLC

Professional, Scientific, and Technical Services added more jobs in January than any other sector in the Texas economy, boosting payrolls by 8,500, a 0.8% increase month-over-month. In other words, Professional, Scientific, and Technical Services accounted for more than 17% of the net jobs added in January.

Leisure and Hospitality was the next best-performing sector, adding 8,300 jobs, a month-over-month increase of 0.6%. Leisure and Hospitality payrolls are now 3.0% above their pre-pandemic peak.

Construction also enjoyed notable gains, adding 5,900 new jobs during the month, a 0.7% increase over December. Over the last twelve months, this sector has added more than 34,800 new jobs, an increase of 4.6% year-over-year.

Mining and Logging was the fastest-growing industry in the month of January, adding 2,500 new payrolls, a month-over-month increase of 1.2%. Mining and Logging was also the fastest-growing industry on a year-over-year basis, boosting payrolls by 13.2%.

A couple of Texas’s major industries saw month-over-month declines in employment: Retail Trade (-4,800), Management of Companies and Enterprises (-1,400), and Real Estate and Rental and Leasing (-200). Collectively, these three industries shed 6,400 jobs during the month of January, but year-over-year payrolls were up for all.

On a year-ago basis, Professional, Scientific, and Technical Services and Mining and Logging have posted double-digit increases in payrolls. Of Texas’s major industries, only Mining and Logging has fewer payrolls compared to February 2020 levels.

More Information

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Managing Partner Sherif Hanna at 424.646.4656 or [email protected]