The following information has been compiled in order to create a more complete snapshot of the current economic status of Texas:
Labor Market Information
The most recent labor market information for the state is from December 2022:
- Unemployment Rate: 3.9%
- Total Non-Farm Employment: 13,705,500
- Jobs Change Over the Year: 650,100
- Annual Growth Rate: 5.0%
The Texas Workforce Commission announced that in December 2022 unemployment sat at 3.9% which is the first month the rate had fallen below 4.0% since February 2020. Education and health services led job growth in December followed by financial activities while manufacturing employment added 5.5k jobs over the month. According the U.S. Bureau of Labor Statistics, Texas led all states for job creation in 2022. Texas added 650.1k nonfarm jobs over the year and grew jobs at 5.0%, the fastest rate in the nation.
State Sales Tax Revenue
Every month, Texas Comptroller Glenn Hegar releases information on state sales tax revenue. For January 2023, Comptroller Hegar announced $1.07 billion in monthly sales tax has been distributed to local governments which is 7.6% more than in January 2022. Additionally, the Comptroller said state sales tax revenue totaled $3.93 billion in December which is 10.5% more than in December 2021.
