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 2023.
- Unemployment Rate: 4.0%
- Total Non-Farm Employment: 14,103,300
- Jobs Change Over the Year: 369,600
- Annual Growth Rate: 2.7%
Texas Adds More Jobs in 2023 Than Any Other State
In a Bureau of Labor Statistics report, Texas has the largest nonfarm payroll employment growth in the nation. Texas added +369,600 nonfarm payroll jobs in 2023. Additionally, according to a report by the Texas Workforce Commission, the Texas labor market reached historic highs in December 2023 as it was the 27th consecutive month of “new series employment highs.”
State Sales Tax Revenue Totaled $4 Billion in January
Texas Comptroller Glenn Hegar said state sales tax revenue totaled $4.02 billion in January, 2 percent less than in January 2023. “For the second time since pandemic restrictions were lifted, monthly state sales tax collections fell compared with the same month the year before,” Hegar said. “[S]everal sectors that have been trending downwards in recent months continued to show weakness in January… receipts from the consumer-driven retail trade sector were just slightly above last year, but with receipts from most retail subsectors down.”
Comptroller Distributes $1.3 Billion in Monthly Sales Tax Revenue to Local Governments
Comptroller Glenn Hegar announced he will send cities, counties, transit systems and special purpose districts $1.3 billion in local sales tax allocations for February, 1.6 percent more than in February 2023.
