October 2024: Texas’s civilian labor force grew by a record 47,300 participants to 15,497,100 workers for the tenth consecutive month.
In October 2024, the labor market of Texas reached one of its towering milestones as it expanded by 47,300 people into a new record high of 15,497,100 participants. That’s now the tenth month in succession of an uptrend for the labor force of Texas, proving there is no slowdown for its economy.
Since last year, the civilian labor force of Texas has grown by 360,800 people, a testament to sustained economic growth. In fact, although its jobs declined to a slight, measured 10,600 jobs lost in October, it added 274,600 jobs from October 2023 to October 2024, which would make for an annual nonfarm growth rate of 2.0%, topping national growth by 0.6 percentage points.
In October, the Financial Activities sector was leading, adding 6,200 jobs and growing by 3.1 percent year on year outperforming the national growth rate by 2.8 percentage points. Other sectors adding jobs include Leisure and Hospitality, which added 4,900 jobs and Information and Manufacturing each adding 1,900 jobs over the month.
Seasonally adjusted, the Texas unemployment rate remained the same in October at 4.1%, though remaining higher than the 3.9% national rate. The lowest rate was recorded at the Midland Metropolitan Statistical Area with an unemployment rate at 2.8%; Amarillo ranked second at 3.1% while College Station-Bryan ranked third at 3.2%.
He says persistent expansion within the Texas labor force is creating both opportunities for employers as well as for job seekers. That’s why the Commission continues to be dedicated to providing training solutions that will meet the needs of the state’s workers.
This slow growth in the labor force shows Texas has a dynamic economy that attracts talented people, retains this variety of workers, and places them ready for continuing economic prosperity.
