The 2022 employment numbers have just been released, and Texas set the pace by a significant margin. Over the year, nonfarm payroll employment increased in 42 states and was essentially unchanged in eight plus the District of Columbia according to the US Bureau of Labor Statistics. Texas gained 650,100 net new jobs, while California rose 621,400 and Florida was up 440,000. The largest percentage increase also occurred in Texas (+5.0%), followed by Florida (+4.8%), and Oregon (+4.2%).
The Texas population now tops 30 million according to recent estimates from the US Census Bureau. In fact, the state added 470,708 people (measured from July 2021 to July 2022), the largest-gaining state in the nation. Growth in Texas last year was fueled by gains from all three components: net domestic migration (230,961), net international migration (118,614), and natural increase (118,159). That's a lot of new Texans (almost 1,300 every day)!
Dr. Perryman explains the state's strengths in the oil and gas industry contribute to high gross product growth.
As we ease into a new year, uncertainty is high and there are challenges aplenty. Everywhere you look, somebody else is predicting a recession. Nonetheless, there are signals of improvement in key factors shaping potential economic growth. Let's look at a few to keep an eye on in 2023.
Dr. Perryman describes how stores were able to experience a good sales season despite various economic headwinds.