Texas Accounts for Nearly 20% of National Job Gains

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Despite recent declines, Texas job growth numbers remain strong on a national scale. In year-ending May 2023, Texas markets added some 474,000 additional jobs, according to data from the Bureau of Labor Statistics. That makes up a significant 17.5% share of the nation’s total employment growth for the past 12 months. The share of market value Texas has gained in the past two years is notable. Back to 2021, the Texas share of U.S. job growth was much lower at 8.6%. While Texas job growth has slowed – just a year ago, annual employment growth was closer to 700,000 jobs – that contraction is a natural product of tight unemployment rates. Roughly 4.1% of all Texas were unemployed as of May 2023. When widening the scope, however, the major markets across the Lone Star State are holding on to better job gain traction than many other markets across the U.S. Dallas and Houston are among the top three job growth markets in the U.S. as of May, while San Antonio, Austin and Fort Worth all rank among the nation’s top 15.

For more information on the state of the Texas apartment market, including forecasts, watch the webcast Market Intelligence: Q3 Texas Update.