The Texas Employment Forecast is predicting that jobs will increase 2.8 percent in 2023, according to the Federal Reserve Bank of Dallas. The forecast is based on an average of four models that include projected national GDP, oil futures prices, and the Texas and U.S. leading indexes.
Texas added 63,300 jobs in January, according to seasonally adjusted and benchmarked payroll employment numbers released by the Dallas Fed.
A revised 32,500 jobs were added in December.
“January job growth accelerated sharply, with broad-based gains across most private sector industries,” said Luis Torres, Dallas Fed senior business economist. “Strength in January was led by employment increases in energy, construction, other services, and leisure and hospitality. Only information services posted losses.”
Additional key takeaways from the latest Dallas Fed report:
- The forecast suggests that 380,000 jobs will be added in the state this year, and employment in December 2023 will be 14.1 million.
- Texas employment grew 5.7 percent month over month in January after rising a revised 2.9 percent in December.
Unemployment rates in January increased in most of the major metros, including Austin–Round Rock.
The Texas unemployment rate increased to 3.9 in January.
