AUSTIN – Today, the Texas Workforce Commission released Texas labor market data for 2015. The Texas Public Policy Foundation’s Economist Dr. Vance Ginn issued the following statement:
“Today’s jobs report exemplifies the diversity of the Texas economy that benefits from a limited government philosophy. Texas created 24,900 net nonfarm jobs last month for a streak of more jobs added in all but two of the last 63 months. Despite the last year’s economic headwinds such as the steep drop in oil prices that contributed to 33,600 job losses in the mining industry that is dominated by oil and gas jobs, the private services providing sector added 209,900 jobs for a total gain statewide of 166,900 jobs. This diversity of job creation contributed to the state’s 4.7 percent unemployment rate that has now been at or below the national average for 108 straight months.
Texas faces headwinds from the worst declines in oil prices and the stock market to start a year along with fewer exports from a slowing global economy. But the combination of passing a conservative budget, historic tax relief, and leaving billions of dollars on the table last session was the right recipe that must be continued for more opportunities to prosper for Texans in 2016 and beyond.”
Vance Ginn, Ph.D. is an Economist in the Center for Fiscal Policy at the Texas Public Policy Foundation.
The Texas Public Policy Foundation is a non-profit, free-market research institute based in Austin, Texas.