Real Estate Blog
Sunday, June 28 2009
The Texas economy is sliding deeper into recession. The state’s economy lost 222,400 jobs from May 2008 to May 2009, an annual job loss of 2.1 percent. Over the same period, the U.S. economy lost more than 5.5 million jobs or 4 percent of its total nonfarm jobs.
The state’s seasonally adjusted unemployment rate rose from 4.7 percent in May 2008 to 7.1 percent in May 2009. The U.S. rate rose from 5.5 percent to 9.4 percent during the same period.
Only two Texas industries (education and health services and leisure and hospitality) and the government sector had more jobs in May 2009 than in May 2008. Nine industries experienced net job losses over the same period.
Only six Texas metro areas experienced positive employment growth rates from May 2008 to May 2009. Seventeen metros had net job losses.
Despite job losses in the oil and gas extraction industry, petroplexes Odessa and Midland ranked first and second in job creation, followed by Killeen–Temple–Fort Hood, Tyler and Austin–Round Rock.
The state’s actual unemployment rate in May 2009 was 6.9 percent. Lubbock had the lowest unemployment rate followed by Amarillo, College Station–Bryan, Abilene and Midland.