The bright light over Texas isn’t just the sun passing by; it’s growth that’s settling in and creating positive jobs reports that show just how strong the state’s economy is becoming. Based on the latest reports, it’s clear Texas has a bright future for anyone willing to roll up their sleeves and get to work.
The Texas Workforce Commission’s June report shows that the state added 171,100 seasonally adjusted jobs over the past year. In addition to this solid growth, companies across the state also added 7,200 non-farm jobs to their payrolls. This is a 1.4% increase over June 2015.
Over the past year, the private sector has added 123,000 jobs in all corners of the state. While impressive, the truly impressive fact is that Texas has had positive job growth in 14 of the previous 15 months. Moreover, the state’s unemployment rate is at 4.2%, which remains below the national average of 4.9%.
The picture is even brighter in Amarillo where the unemployment rate has sunk to just 2.8%. Along with Austin, this is the lowest unemployment rate of all the metropolitan areas in the state. Strong growth in aeronautics, energy, and agriculture are keeping the regional economy humming right along.
The region is seeing established industries strengthen their base, while emerging industries are finding a talented workforce capable of flourishing in a 21st-century economy. In particular, businesses involved in manufacturing, transportation, aeronautics, and energy are expanding their operations in the area. Nearly all of them are investing heavily in development and research.
As they strengthen their operations and position themselves for the future, they are positioning the region for even stronger growth in the future.
The report shows that the strategies for growth utilized in the state are paying off. The incentives offered to businesses are creating an economic boom that is attracting new business to the state, and helping established businesses expand their operations. Of course, incentives alone don’t create strong businesses; it takes people, and the Texas workforce is full of talented people who know how to get the job done, and who are ready to roll up their sleeves and get to work.
We encourage you to contact the Amarillo Economic Development Corporation for more information about the area and to learn how we are working to strengthen the regional economy. We will be happy to answer your questions and discuss the ways your business can benefit by establishing a presence in the area.
See what the top industries of the Texas Panhandle are by downloading our free infographic!