As reported in a recent Stateline article, the U.S. is projected to generate 2.6 million jobs in 2014, up from 2.2 million last year. According to the latest Manpower Employment Outlook Survey, employers are optimistic about 2014.
The Net Employment Outlook is +13 percent among U.S. employers, which is the strongest outlook reported in the first quarter since 2008, indicating that the U.S. labor market may be stronger in 2014.
Unsurprisingly, Texas’ labor market growth has led the nation during the recovery. According to the recently updated Economic Outlook, the state’s unemployment rate was 6.1 percent in November 2013, down from 6.3 percent in November 2012. In addition, Texas’ unemployment rate has been at or below the national rate for 83 consecutive months.
Texas replaced all of its recession-hit jobs by late 2011 and the number of Texans working reached an all-time high of 11.3 million in November 2013.
As a comparison, the recovery of the national labor market is less impressive. While the U.S. has recovered approximately 6.5 million jobs since the cyclical bottom in June 2009, there remains 1.7 million fewer people employed compared with the pre-recession level.
Texas is expected to have a job growth rate of 2.75 percent this year, ranking third highest in the nation, and higher than last year’s rate of 2.5 percent. Texas has the highest number of projected jobs (+308,000), making up 12 percent of the country’s potential jobs added in 2014, which is remarkable considering the Lone Star State’s total economic output is only 10 percent of the nation’s.
California has the second highest number of projected jobs, adding about 264,000 in 2014, with a growth rate of 1.8 percent. Despite these potential gains, California has not yet recovered the 1.4 million jobs lost during the recession.
The projected job creation nationwide relies largely on the strength of the country’s booming health care, energy, and high-tech sectors. Benefiting from the energy boom, North Dakota looks to add jobs faster than any other state, with a projected growth rate of 3.6 percent, about the same as 2013. Job gains in California come from a recovering housing market and the high-tech industry in Silicon Valley.
Texas is particularly strong in the mining and logging sector, bolstered by oil and natural gas industries. This growth has led to higher oil and natural gas production tax revenue to the state’s general revenue and “rainy day fund” and is projected to continue to rise this year.
With the economic success of the Texas Model of low taxes and limited government providing more incentive for more people to move here, this report for 2014 projected employment growth provides another indication of what we have grown to expect in the Lone Star State: stellar job growth and a vibrant economy.
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