Texas Economy Continues To Grow With Private-Sector Job Creation
Staff Reports
While New York may have given up opportunities for economic development and growth, the Texas economy is growing.
Last week, Amazon announced it would not move forward to build part of its second headquarters in New York City. The announcement came after several local and state politicians shared criticisms about the incentives being offered to the company for building in New York.
According to the Texas Association of Business, more Texans are working than ever before as the Lone Star State leads in private-sector job creation.
“We welcome all businesses in Texas, for years Texas Association of Business (TAB) has been laying the foundation to make sure we have legislation and policies in place that helps our businesses and state continue to grow,” said Jeff Moseley, president, and CEO, TAB. “Businesses come to our state because we have zero state income tax, a low overall tax burden, sensible regulations, and a fair legal system and just a few reasons why Texas continues to rank at the top of best states to do business.”
TAB members represent companies of all sizes and industry sectors. They, along with their 200 local chamber partners, employ thousands of Texans and produce $8 billion annually in business.
As other states pass up opportunities for economic growth, Texas leaders are embracing existing and emerging opportunities to create business success and help companies find their fit.
Texas’s unemployment rate has remained at a historic low since October 2018. Annual employment growth for Texas was 3.2 percent in December 2018, and marked 104 consecutive months of annual growth.
Over the year, Texas has added 391,800 jobs as Total Nonfarm employment reached a new high of 12,744,100.
Private sector annual employment growth was 3.7 percent in December and has held above 3.0 percent since April 2018. Ten out of 11 major industries expanded over the month as well as over the year.
“The December labor statistics show annual growth of 388,800 jobs in Texas’ private-sector industries, and 35,400 jobs added over the month. This speaks to the ongoing strength of our economy and the incredible opportunities it creates for job seekers and employers,” said TWC Commissioner Representing the Public Robert D. Thomas. “Through Texas Workforce Commission workforce training programs such as the Skills Development Fund and the Jobs and Education for Texans (JET), workers have the opportunity to realize the full potential that our state has to offer.”
