COLLEGE STATION (Real Estate Center) – The nation’s labor market hit bottom in August 2009, but the Texas labor market has not yet hit that mark.
The Texas economy lost 277,400 nonfarm jobs from December 2008 to December 2009, an annual job loss of 2.6 percent. Over the same period, the U.S. economy lost more than four million jobs or 3 percent of its total nonfarm jobs.
The state’s seasonally adjusted unemployment rate rose from 5.6 percent in December 2008 to 8.3 percent in December 2009, while the U.S. rate rose from 7.4 percent to 10 percent during the year.
Only two Texas industries (education and health services, other services) and the government sector had more jobs in December 2009 than in December 2008. Nine other industries experienced net job losses over the 12 months.
Only one Texas metro area, McAllen-Edinburg-Mission, experienced a positive employment growth rate from December 2008 to December 2009. Twenty-five metro areas experienced net job losses.
The state’s actual unemployment rate in December 2009 was 8 percent. Amarillo had the lowest unemployment rate followed by Lubbock, Midland, College Station–Bryan, and Abilene.