Positive Economic News Emerges After News of Cutbacks at A&M

July 25, 2010

In the past few weeks, news of cuts at one of our areas largest employers, Texas A&M University, has caused a lot of discussion regarding concern about our local economy. But among these concerns and the ample media coverage of the budget cuts, there is good news emerging about the economic recovery of the state of Texas.

COLLEGE STATION (Real Estate Center) – Texas is leading the United States in the current U-shaped economic recovery. The state’s economy experienced its second month of positive annual employment growth after 16 months of job losses. Texas’ annual employment growth rate was 0.9 percent from June 2009 to June 2010 compared with a negative rate of 0.1 percent for the nation. After 17 months of job losses, the state’s private sector posted a positive annual employment growth rate of 0.4 percent. The state’s seasonally adjusted unemployment rate rose from 7.8 percent in June 2009 to 8.2 percent in June 2010, while the U.S. rate in June was 9.5 percent, the same as in June 2009.

Six Texas industries – education and health services; mining and logging; professional and business services; leisure and hospitality; manufacturing; and transportation, warehousing, utilities – and the government sector had
more jobs in June 2010 than in June 2009. Five other industries experienced net job losses over the same period. Sixteen Texas metro areas experienced positive employment growth rates from June 2009 to June 2010, up from 13 for the period from May 2009 to May 2010. College Station-Bryan ranked first in job creation followed by San Angelo, McAllen-Edinburg-Mission, Killeen-Temple-Fort Hood and Waco. The state’s actual unemployment rate in June 2010 was 8.5 percent. Midland had the lowest unemployment rate followed by Amarillo, Lubbock, San Angelo, Abilene and College Station-Bryan. The Real Estate Center’s complete economic review is available on the
Center’s website.

Tags: Bryan College Station Economy

This entry was posted on Sunday, July 25th, 2010 at 4:27 pm and is filed under Blogpost, Bryan College Station Real Estate, College Station, News, Texas A&M.
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