The State of Texas added 36,000 new jobs in July, indicating that if a recession is coming, its not coming here, News Radio 1200 WOAI reports.
The Federal Reserve Bank of Dallas says this compares to 41,500 new jobs added to the state's rolls in June, and translates to a very robust 2.6% job growth for the year, with a total of 331,000 new jobs added.
This despite job losses in oil and gas, due largely to uncertainty about global economic trends, especially in China, which is a huge buyer of U.S. petroleum products. That has led to a contraction in new oil and gas well startups.
“Despite continued declines in the energy sector, the Texas economy continues to grow at a strong pace,” said Keith R. Phillips, Dallas Fed assistant vice president and senior economist. “Growth in the construction, financial services and leisure and hospitality sectors has been particularly robust, while the manufacturing sector has picked up from modest growth in the first five months of the year. "
Phillips says Dallas is currently the state's strongest market in terms of new job growth, with Houston second. But Houston is expected to be hurt between now and the end of the year by declines in the energy sector.
San Antonio's job growth trails the state, due to slippage in the oil and gas sector, and declines in manufacturing due to weakness in energy, as well as concerns about the global tariff situation. Texas is by far the largest exporting state in the country.
San Antonio's critical leisure and hosptiality sector, while experiencing seasonal gains, has been hurt by increased wait times at the border, and a concern among global travelers at the U.S. is not a 'welcoming' destination for visitors, according to the Dallas Fed.
The metro San Antonio unemployment ticked up one tenth of one percent to 3.3%, but still close to record lows. Phillips says the unemployment rates in all of the state's major cities rose marginally in July, due largely to seasonal factors.