The following information has been compiled in order to create a more complete snapshot of the current economic status of Texas. The most recent labor market information for the state is from October 2024.
October 2024 Labor Market Information
- Unemployment Rate: 4.1%
- Total Non-Farm Employment: 14,276,300
- Jobs Change Over the Year: 274,600
- Annual Growth Rate: 2.0%
October jobs data released by the U.S. Bureau of Labor Statistics and the Texas Workforce Commission (TWC) shows:
- Texas reached a new high with the largest labor force ever in the state’s history at 15,497,100.
- Texas reached a new high for Texans working, including self-employed, at 14,858,700.
- Texas added 274,600 nonfarm jobs from October 2023 to October 2024, outpacing the nation in annual growth rate.
Texas’ labor market achieved a new record high in October for number of people in the civilian labor force. After adding 47,300 people over the month, the seasonally adjusted civilian labor force reached the new record high of 15,497,100. This marks the tenth consecutive month of growth for Texas’ civilian labor force. Over the year, Texas’ civilian labor force has added 360,800 people.
Texas’ seasonally adjusted total nonfarm employment dropped slightly to 14,276,300 following a decrease of 10,600 jobs over the month. However, Texas added 274,600 jobs from October 2023 to October 2024. Texas’ annual nonfarm growth rate currently sits at 2.0 percent, outpacing the U.S. growth rate by 0.6 percentage points. The seasonally adjusted unemployment rate in Texas remained stable at 4.1 percent.
The Financial Activities industry had the largest over-the-month increase in October after adding 6,200 jobs. The industry also grew by 3.1 percent over the year in Texas and outperformed the national growth rate by 2.8 percentage points. In addition, Leisure and Hospitality added 4,900 jobs over the month and Information added 1,900. The Manufacturing industry added 1,900 jobs over the month.
State Sales Tax Revenue Totaled $4.3 billion in November
Texas Comptroller Glenn Hegar today said state sales tax revenue totaled $4.3 billion in November, 4.7 percent more than in November 2023.
Texas collected the following revenue from other major taxes:
- motor vehicle sales and rental taxes — $586 million, up 4 percent from November 2023;
- motor fuel taxes — $345 million, up 6 percent from November 2023;
- oil production tax — $488 million, down 15 percent from November 2023;
- natural gas production tax — $157 million, down 26 percent from November 2023;
- hotel occupancy tax — $75 million, up 2 percent from November 2023; and
- alcoholic beverage taxes — $158 million, up 4 percent from November 2023.
For details on all monthly collections, visit the Comptroller’s Monthly State Revenue Watch.
