Houston Economy at a Glance – October 2012
Friday’s jobs report from the Bureau of Labor Statistics created quite a bit of discussion about the accuracy of the numbers as politics made their way into one of the biggest talking points in the upcoming presidential election, (jobs and the economy). The headlines read that the U.S. unemployment rate dropped below eight percent for the first time since January 2009. However, many were quick to point out the broader U-6 measure didn’t budge and remains at 14.7% and both side of the aisle took the familiar positions as to what the job numbers really meant.
There is a place in this country where new jobs are being created faster than anywhere else and no matter what your political leanings nobody is arguing that the economy is not currently performing well.
Houston Job Growth Among the Best in the Nation
The Houston metro area added 89,500 net new jobs in the 12 months ending August’12, a 3.5 percent increase, among the fastest growth rates in the nation. Since the bottom of the recession in January ’10, the region has added 207,400 jobs, recovering all jobs lost in the recession and then some. Only two other major metros, Washington, D.C. and Dallas-Fort Worth, can make the same claim.
August payroll employment in Houston stood at 2,682,900, the highest in the region’s history. 2012 may prove to be among the best years on record for local job creation.
Nine of Houston’s 11 employment super sectors—mining and logging; construction; manufacturing; trade, transportation, and utilities; financial services; business and professional services; educational and health services; leisure and hospitality; other services—added jobs over the past 12 months. Only the information and government sectors lost employment.