1 December 2006

TEXAS POSTS JOB GROWTH IN OCTOBER

COLLEGE STATION (Real Estate Center) – The latest figures from the Texas Workforce Commission show steady job growth, which is good news for the Texas economy, according to the Real Estate Center’s latest “Monthly Review of the Texas Economy.”

“October 2006 figures show Texas is creating jobs at a rate of more than 2 percent compared with 1.4 percent for the United States,” reports Real Estate Center Research Economist Ali Anari.

Texas total nonfarm employment rose 2.2 percent from October 2005 to October 2006. The state’s seasonally adjusted unemployment rate fell to 4.8 percent in October 2006 from 5.4 percent a year earlier.

The construction sector ranked first in annual job growth percentage from October 2005 to October 2006, followed by natural resources and mining, professional and business services, financial activities, and leisure and hospitality.

The Laredo metropolitan area ranked first in annual employment growth rate among 26 Texas metropolitan areas, followed by McAllen-Edinburg-Mission, Midland, Brownsville-Harlingen, and Houston–Sugar Land–Baytown.

The Midland metro area had the lowest unemployment rate in October 2006 followed by Amarillo, Austin–Round Rock, College Station–Bryan, and Lubbock.