AUSTIN (KXAN) — The state of Texas could add more than a quarter of a million jobs in 2024, according to a new analysis from the Federal Reserve Bank of Dallas.
The Texas Employment Forecast predicts a 2% increase in jobs statewide this year, amounting to 283,500 jobs added to Texas’ workforce. The forecast was developed using four models: the projected national GDP, oil futures prices, Texas’ leading index and the U.S.’ leading index, per the report.
During 2023, Texas’ statewide employment increased by 3.1%, following a 4.3% growth pattern in 2022. Last year, more than 426,900 jobs were added to Texas’ economy.
“Texas’ 2023 job growth exceeded expectations, pointing to the resiliency of the labor market,” said Luis Torres, Dallas Fed senior business economist, in the report.
Torres added the Lone Star State ranked fifth in the United States for its 2023 percent increase job growth. Rounding out the Top 5 states included Nevada at the helm, followed by South Dakota, Idaho and Wyoming, according to data from the U.S. Bureau of Labor Statistics.
He noted job gains were primarily made among Texas’ major industry sectors within the state’s 25 metropolitan regions. Higher performing fields in Texas during 2023 included:
- Leisure and hospitality: 5.2% job growth in Texas compared to 3.4% growth in the U.S.
- Education and health services: 5% job growth in Texas compared to 4.3% growth in the U.S.
- Construction: 4.7% job growth in Texas compared to 3.1% growth in the U.S.
- Oil, gas and mining: 4.1% job growth in Texas compared to 2.8% growth in the U.S.
- Manufacturing: 3.5% job growth in Texas compared to 0.2% growth in the U.S.
However, Torres did flag that high-tech, information services was the one job sector that reflected jobs lost during 2023. When looking at the top-performing metros for job growth, Austin fell from its helm due to those tech industry issues.
The Brownsville-Harlingen metro led with 5% job growth. Metro areas trailing behind that region included:
- Midland-Odessa: 3.5% job growth
- Dallas-Fort Worth: 3% job growth
- Houston: 2.9% job growth
- Austin: 2.9% job growth
- Corpus Christi: 2.7% job growth
- San Antonio: 2.6% job growth
- El Paso: 1.6% job growth
Among the forecast’s possible downsides for 2024 included negative impacts due to inflation resurgences, possible downturns in consumer resilience as well as uncertainties caused by geopolitical conflicts and the upcoming presidential election.
The full analysis is available online.