Texas’ job market added more than 100,000 jobs during the month of March, according to figures from the Texas Workforce Commission (TWC), and the Federal Reserve Bank of Dallas.
The state’s unemployment rate remains unchanged from February – at 6.9%. The state lost approximately 14,300 jobs in February 2021, but since the start of the year, has added 142,200 jobs.
Rep. Kay Granger spread the word in an April 19 Tweet.
“#Texas' economy does it again, adding 110,800 jobs in March, according to @DallasFed, which also predicts our state will add almost a million jobs this year," Granger wrote. “Meanwhile, our #FortWorth economy continues to boom with the arrival of more Fortune 500 companies.”
The Texas Employment Forecast takes into account the national forecasts, COVID-19 hospitalizations and oil futures prices, and that forecast estimates a 6.6% increase in jobs in 2021, with an 80% confidence band of 5.6 to 7.6%, according to the Federal Reserve Bank of Dallas.
“Positive job numbers for March continue to show Texas is on track for continued growth,” TWC Chairman Bryan Daniel said. “TWC will continue to provide flexible and innovative training programs to help provide all Texans with skills they can use for workforce success.”
The government is the only sector that didn’t add jobs from February 2021 to March, but the state gained 99,000 non-agricultural jobs in March, as well as 106,600 private sector jobs.
Julian Alvarez, the TWC commissioner representing labor, called the addition of 100,000-plus jobs in the private sector “extraordinary.”
“This is great news for the workers of Texas, and TWC stands ready to help continue this growth through skills training and job matching services through MyTXCareer.com and our local workforce development boards,” Alvarez said.
The demand for home repairs and new single-family homes brought construction jobs some strength, and other industries saw strength too, like oil and gas, and hospitality and leisure, said Keith R. Phillips, assistant vice president and senior economist with the Dallas Fed.
"Continued strong demand for new single-family homes and for home repair from Winter Storm Uri drove construction jobs, while dropping COVID-19 cases and gains in the number of people vaccinated likely drove the demand for restaurants, hotels and other leisure and hospitality industries," Phillips said. "The improvement in energy-sector jobs is consistent with the rise in oil prices this year and increased optimism expressed in the first-quarter Dallas Fed Energy Survey."
That’s not the only good news that comes out of the state’s economy this month. Fitch Ratings has also affirmed the state’s issuer default rating as AAA, and the ratings outlook as stable.