September 15, 2023
Beacon Employment Report | Texas
Presented by Beacon Economics
Copyright © Beacon Economics LLC
REGIONAL OVERVIEW
Currently, the Beacon Employment Report | Texas focuses on three of the state’s largest metropolitan areas, the Dallas, Houston, and Austin metros.
The Dallas-Fort Worth-Arlington metro area added 16,900 jobs during August, representing a 0.4% employment increase on a month-over-month basis, and a 4.0% increase year-over-year. While Dallas accounts for roughly 31% of nonfarm employment statewide, it has accounted for 41% of jobs added over this year.
Since February 2020, which marks the pre-pandemic peak in payroll employment, the Dallas-Fort Worth-Arlington area has accounted for nearly 44% of net nonfarm payrolls added over the pre-pandemic peak. In Texas overall, nonfarm employment has grown by 7.8% since prior to the pandemic.
The Houston-The Woodlands-Sugar Land area experienced an 11,300 increase in nonfarm payrolls in August. This represents a 0.3% employment jump on a month-over-month basis, with payrolls still up 2.6% year-over-year.
While larger metros such as Dallas and Houston saw positive gains, a handful of Texas’s smaller metros also saw moderate employment declines during August including El Paso (-1,200), Corpus Christi (-800), and Amarillo (-500). However, over the past year, payrolls were up in every metro across the state.
The Austin-Round Rock metro has seen the largest increase over the pre-pandemic peak, with payroll employment 15.3% above February 2020 levels. The Beaumont-Port Arthur metro has had the slowest recovery, with payrolls down 1.5% compared to the pre-pandemic peak, a 2,500 jobs shortfall.
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For information about Beacon’s practice areas, please contact:
Managing Partner Sherif Hanna at 424.646.4656 or [email protected]