Pasadena, CA -- (SBWire) -- 08/03/2011 --Texas has been successful in avoiding the nationwide trend of job losses and a stagnant job market. The Lone Star State has succeeded in adding 262,000 jobs from June 2010 to June 2011.
This means that out of the 524,000 payroll gains made nationwide, half of them have been made in Texas. The figures are based on estimates made by the Federal Reserve Bank of Dallas and Bureau of Labor Statistics. Other, more conservative estimates put Texas's share of new jobs created at 30% of the national figure when taking into account the 24 states with a net growth of jobs.
The state has recorded the third highest rate of growth in payrolls, at 2.9%, since the recession officially ended. This is much higher than the anemic nationwide average of 0.4%
Economists believe that several factors are behind this including a pro-business environment based on low taxes and a burgeoning energy industry. Another important reason is also the fact that the state did not experience the housing bubble and crash witnessed in most other states.
The energy sector - natural gas, oil, and other mining activities resulted in 45,000 new jobs. Business and professional services accounted for 74,000 jobs, and education and healthcare added 91,000 jobs. The state has been trying to attract hi-tech businesses to relocate from all over the country, especially California. Texas has no personal income tax and Dallas and Houston are among the top 20 cities with a population of over a million in terms of housing affordability.
EmploymentCrossing, a job aggregator site, has seen job openings for Texas rise continuously for the past year as well. In July alone, the site has been able to locate 72,000 job openings in Texas. The sectors with the most openings are healthcare (15,000+), managerial (9,000+), information technology (11,000+), blue-collar (7,000+), and sales (6,000+).
Texas Continues to Have a Low Unemployment Rate, Employmentcrossing Finds 72,000 Jobs in State