Texas Border Business
Texas Border Business
The Texas Workforce Commission (TWC) has disclosed its January Labor Market and Employment reports, which present a stable scenario for the national and state unemployment rates. After seasonal adjustments, they remained at 3.7% and 3.9%, respectively.
3. Unemployment Graph January 2024Statewide Employment Growth: Texas reported a substantial addition of 18,900 non-agricultural jobs in January, culminating in a yearly gain of 263,900 jobs. This progression signifies an annual employment growth rate of 1.9%.
Sector Highlights:
• The Goods-Producing sector experienced a slight dip, losing 2,800 jobs in January but still achieving a net gain of 38,400 jobs over the past year, marking a 1.9% increase. Notably, the Manufacturing sector led this month’s job growth, adding 3,200 jobs.
4. Visualization Report January 2024• Conversely, the Service-Providing sector demonstrated robust growth, increasing by 21,700 jobs in January, with a year-over-year growth of 225,500 jobs, maintaining a 1.9% growth rate. The Other Services sector stood out with a remarkable 5,000 job increase at a 4.8% annual rate, followed by the Government sector, which saw a 4,900 job increase, growing at an annual rate of 3.3%.
Regional Unemployment Overview:
January witnessed upticks in unemployment rates across several counties:
• Hidalgo County rose by 0.6% to 6.4%,
• Cameron County increased by 0.7% to 5.5%,
• Starr County surged by 1.7% to 10.9%,
• Willacy County escalated by 1.5% to 7.6%, and
• Webb County advanced by 0.8% to 4.3%.
City Unemployment Insights:
Among cities, McAllen and Edinburg boasted the lowest unemployment rates in the Rio Grande Valley (RGV) at 4.5% and 4.7%, respectively. Meanwhile, notable increases were observed in Mission (up 0.8% to 6.0%), Laredo (up 0.7% to 4.2%), Harlingen (up 0.8% to 5.2%), and Brownsville (up 0.6% to 5.6%).
This report underscores Texas’s resilient labor market, with notable job growth across various sectors despite some regional fluctuations in unemployment rates.
RGV Economy: During January, the RGV’s (McAllen & Brownsville MSA’s) economy experienced a job loss as -5,200 individuals exited the workforce. Workforce Solutions (WFS) directly contributed to employment efforts by assisting 771 individuals in entering employment. WFS partnered with businesses to address their hiring needs by hosting 15 hiring events with 60 participating employers and 1059 job seekers in attendance, resulting in 479 job offers. Additionally, WFS served 1,678 employers, representing 3,126 job openings, resulting in 53 direct hires and another 718 indirect hires.
Regional Employment Change Estimates
Hidalgo, Cameron, and Webb Counties’ Metropolitan Statistical Areas (MSA)
