By Vance Ginn
Recently, the U.S. Bureau of Labor Statistics released the Regional and State Employment and Unemployment Summary. Though Texas did not have the most net jobs added in June, Texas did have the most net jobs added over the last year of 371,000. This is yet another indication of how the Texas model of low taxes, modest government spending, and stable regulation contributes to providing opportunities for all Texans to succeed.
Compared with the top four states (regarding population and economic output) and national averages, Texas leads the way in key labor market indicators.
From the figures below, you will notice that Texas has the fastest annualized job growth rate (3.3%), lowest unemployment rate (5.1%), highest share of the population who are employed (61.8%), and highest labor force participation rate (65.1%).
Texas’ unemployment rate has now been at or below the national average for 90 consecutive months (7 and ½ years) and for 95 consecutive months compared with California. Interestingly, there were declines in the labor force last month in California (-40,000), Texas (-14,000), Florida (-7,000), and New York (-1,500)—this will be something to watch to see if a trend develops.
Overall, this was another good report for the Lone Star State. By remaining competitive in this laboratory of competition known as federalism, Texas will continue to lead the way towards a better and brighter future for those from all walks of life.
Vance Ginn, Ph.D., is an Economist in the Center for Fiscal Policy at the Texas Public Policy Foundation