Texas leads among the 10 largest states with the lowest unemployment rate as it added 50,000 new jobs last quarter, according to a new study by SigmaBleyzer.
The positive quarterly job numbers come despite the state losing 24,000 jobs in the construction, trade, transportation and hospitality sectors in December. The state's seasonally adjusted unemployment rate was 8.3 percent in December. Austin's was 6.9 percent.
The study also focused on the broader economy of Texas, which remains under a downturn, but holds a positive outlook for the coming year.
Among residential housing, some signs of recovery are beginning to emerge, according to the report. Texas has one of the fastest population growth rates in the country, which the report says should sustain long-term demand for housing. According to the U.S. Census Bureau, about 27 percent of all new privately owned housing units in the nation’s 20 largest cities were located in Dallas or Houston.
The state’s export activity continues to recover as high oil prices and improving foreign demand for high-tech manufacturing increase. Texas remains the largest exporter for the eighth consecutive year. In the first 11 months of 2009, Texas exports only fell by 18 percent, compared to the 21 percent decline nationally.
“This resilience of Texas exporters should help keep the state’s economy on more sustainable footing as the U.S. economic recovery becomes increasingly dependent on the strength of foreign demand,” the report by Houston-based private equity firm stated.
Courtesy of ABJ
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