Texas economy outpacing rest of U.S.
The Texas economy is cooling off but continues to surpass the nation in employment growth and job creation. According to Ali Anari, research economist with the Texas A&M Real Estate Center, total non-farm employment in Texas rose 2.2% from September 2005 to September 2006, compared with 1.3% for the United States. Laredo ranked first among the state’s 26 metro areas in annual employment growth during the period at 5.5%, followed by McAllen-Edinburg-Pharr (5.2%), Midland (4.6%), and Sherman-Denison (3.6%). Texas’ construction industry ranked first in job creation with 36,800 new jobs, followed by the natural resources and mining industry (10,800), professional and business services industry (47,600), and the financial activities industry (18,800). The state’s seasonally adjusted unemployment rate declined to 4.8% in September 2006, just slightly higher than the 4.6% U.S. rate. Midland had the lowest unemployment rate (3.3%) in the state in September 2006, followed by Amarillo (3.6%), College Station–Bryan (3.7%), and Austin–Round Rock (3.8%).

Source: Real Estate Center at Texas A&M