• The U.S. added 214,000 nonfarm jobs in October 2014 and the unemployment rate was 5.8 percent. Between October 2013 and October 2014, U.S. total nonfarm employment increased 1.4 percent.
  • Texas total nonfarm employment increased by 35,200 jobs during October 2014. Between October 2013 and October 2014, Texas total nonfarm employment increased by 421,900 jobs or 3.7 percent.
  • The Texas unemployment rate was 5.1 percent for October 2014, down from 6.2 percent in October 2013.
  • The Texas unemployment rate has been at or below the national rate for 94 consecutive months.
  • A total of 7,712 building permits for single-family homes were issued in September 2014, 17.9 percent more than in September 2013. In the 12 months ending in September 2014, a total of 92,200 permits were issued, 8.6 percent more than in the previous year.
  • There were 5,440 multi-family building permits issued in September 2014, 6.2 percent less than in September 2013. During the 12 months ending in September 2014, a total of 64,301 permits were issued, 25.5 percent more than in the previous year.
  • In September 2014, there were 24,702 sales of existing single-family homes, 7.3 percent more than in September 2013.
  • The U.S. consumer confidence index was 94.5 in October 2014, up 6.2 percent from September 2014, and 31.3 percent higher than one year ago.
  • The Texas region's consumer confidence index was 128 in October 2014, up 5.1 percent from September 2014, and 33.1 percent higher than one year ago.
  • Oil and natural gas production tax collections for the two months of fiscal 2015 were 8.4 percent higher than during the same period in 2014.
  • NYMEX Crude oil futures reached a settle price of $75.58 on November  20, 2014. The average crude oil futures settle price was $84.34 for October 2014, 16.1 percent lower than in October 2013.
  • NYMEX Natural gas futures reached a settle price of $4.489 on November  20, 2014. The average natural gas settle price was $3.80 for October 2014, 4.0 percent higher than in October 2013.
  • Texas state sales tax receipts for October 2014 were 12.9 percent higher than for October 2013.
  • Sales tax collections in fiscal 2014 through October were 7.2 percent above collections for the same period in fiscal 2013.
  • Sales tax collections have increased for 55 consecutive months (year-over-year), with improvement apparent across all major economic sectors. Business spending, particularly that associated with oil and natural gas mining, has contributed more so than consumer spending sales tax growth.
  • Texas motor vehicle sales and rental tax collections for October 2014 were up 9.2 percent from October 2013.
  • The nationwide average core transaction price for a new car or truck during the first 15 days of October 2014 fell 1.2 percent to $32,528 from the first 15 days of October 2013.
  • For the first 15 days of October 2014, total national new auto sales were 687,398 units, up 8.0 percent compared to the first 15 days of October 2013.
  • Nationally, leases accounted for 29.7 percent of all new vehicle sales for the first 15 days of October 2014, increasing from 29.5 percent for the first 15 days of October 2013.
Texas vs US non-farm employment 2008 to 2011

A Deeper Dive into Jobs

Texas replaced all of its recession-hit jobs by December 2011

The number of Texas workers reached an all-time high of 10.65 million in December 2011, a sign that employers are looking at the recent recession through a rear-view mirror.

The Texas Workforce Commission’s December 2011 employment statement reported Texas added more than 200,000 jobs in 2011. This restored the state to its pre-recession employment levels by replacing the remainder of the 427,600 jobs lost during late 2008 and throughout 2009. The two-year recovery to this point puts Texas well ahead of the national job market, which is finding it more difficult to regain jobs at the rate of Texas; just 30 percent of jobs shed nationally during the recession have been restored.

Wide variety of jobs added

Most employment sectors added workers in 2011. Particularly strong were the mining and logging sector (bolstered by oil and natural gas sector industries) that added more than 40,000 jobs and grew by 18.7 percent; professional and business services (53,100 jobs) and leisure and hospitality (41,200 jobs), which chipped in 4.1 percent and 4 percent growth, respectively, and the trade, transportation and utilities sector which added nearly 46,000 workers.

Three sectors saw a decline in employment during 2011: government shed almost 56,000 workers, while the much smaller construction (-6,300) and information (-7,900) sectors reduced workers, too.
More about Jobs »

A Deeper Dive: Gross Domestic Product (GDP) by State

click for GDP pie chart and data

Gross domestic product by state, formerly referred to as gross state product (GSP), is a broad measure of a state’s production. The “value added” that is generated by the state’s GDP represents the difference between the state’s industries gross output (e.g., industry sales and other operating income, commodity taxes, and inventory changes) and the value of the intermediate inputs (purchase of goods and services from other industries) used in producing the industries’ products.

Economic production and growth are represented by real GSP, so it can be seen as a primary indicator to gauge the health of the state economy. The term “real” refers to GSP and GDP values being indexed to a certain year (2005) to accurately reflect the rate of change. Failure to do so would lead to inflated growth rates. From 2001 to 2010, U.S. real GDP grew by 16.8 percent while Texas’ real GSP grew by 23.5 percent for the same period. More about GDP »