Houston's Job Growth Rate At 3.4% And Climbing
by: Andrew Schneider, August 22, 2012 12:08:00 am
The number of jobs in Greater Houston grew by 3.4% in the twelve months ending in June. The region has benefited from high global oil prices and the worldwide boom in natural gas exploration.
Comerica chief economist Robert Dye says Houston’s labor market is set to tighten, as job creation runs ahead of population growth.
“With Houston unemployment even now more than a percentage point below the US average, close to 7%, and expected to continue to decline, we could see fairly tight unemployment rates by late 2013 into 2014, in the range of 5% or less.”
Dye says Houston’s workforce will grow faster as housing markets loosen up in other states and more workers can afford to sell their homes. Houston is already one of the top destinations for people moving across country in search of employment.
graph provided by Comerica Regional Economic Update