Houston region ends 2022 with record-high employment, as prospect of recession looms
The Houston region ended 2022 with record job growth, officials said, accounting for more than half of the state's new jobs added in December and giving the area some gas in the tank if the national economy slows down in 2023, as many economists expect.
Texas added 29,500 nonfarm jobs last month, according to the Texas Workforce Commission, pushing total employment to 13.7 million and nudging the unemployment rate from 4.0 to 3.9 percent. Some 16,000 of those jobs came in the Houston - The Woodlands - Sugar Land metro area, bringing regional employment to 3.36 million.Patrick Jankowski, senior vice president of research at the Greater Houston Partnership, notes the new numbers come with a grain of salt; the commission is basing the numbers on employer surveys and will release benchmark revisions for 2022 in March. Still, the Houston region is estimated to have added 179,000 jobs over the course of the year. "That’s the best year on record for job growth since employment records have been kept going back to the early ‘80s," Jankowski said. Statewide, the education and health services sector led the gains, adding 12,700 positions in December. The financial activities sector added 6,300 jobs and manufacturing added 5,500. The oil and gas extraction and exploration sector added more than 1,500 jobs in December, according to data from the Texas Alliance of Energy Producers.In the Houston area, most of the gains came from retail, warehousing and restaurants, said Parker Harvey, principal economist for Workforce Solutions. That's"driven by a combination of holiday seasonal hiring and pent-up demand for outside dining that remains to be satisfied nearly two years after the full reopening of the Texas economy," he added. The upshot, Jankowski says, is that if the national economy slows in the coming months -- as many economists expect it will given the Federal Reserve's ongoing efforts to cool things off via interest-rate hikes -- the Houston area will have some muscle memory, which should help the region weather a downturn or possible recession.Houston well-positioned if U.S. 'stumbles' into recession in 2023 For now, the Houston labor market remains tight, with unemployment falling to 3.9 percent -- below 4 percent for the first time since the COVID-19 pandemic. However, Harvey notes that the number of employers pulling job ads from the internet last month exceeded the number of employers posting ads, a sign that that the people doing the hiring are hunkering down, to some extent.
Please follow us on Google to support usUnited States Latest News, United States Headlines
Similar News: You can also read news stories similar to this one that we have collected from other news sources.
Stock market outlook: S&P 500 headed for another dismal year, experts sayFrom tumbling earnings to sky-high valuations, here's 4 reasons experts see losses in the S&P 500 for a 2nd straight year
Read more »
Houston leaders, Asian groups decry Abbott plan to ban Chinese, others from buying Texas landHouston leaders, Asian groups decry Gov. Abbott plan to ban Chinese, others from buying Texas land
Read more »
RECOGNIZE THEM? 3 suspects accused of breaking into mailboxes, stealing mail in west Houston, police sayHouston police are searching for three suspects accused of breaking into several mailboxes in west Houston.
Read more »
Film tragedy sparks bill for firearm safety on Texas film and TV setsRep. Sheryl Cole has filed House Bill 1471, which would require any film or television project that accepts state incentive funds to require anyone handing a gun to complete the state’s Hunter Education course.
Read more »
S&P 500 Futures dribble around six-week top, Treasury bond yields struggle amid mixed cluesS&P 500 Futures dribble around six-week top, Treasury bond yields struggle amid mixed clues – by anilpanchal7 SP500 Futures YieldCurve RiskAppetite Equities
Read more »