Dallas Federal: Texas jobs ‘rebound strongly in March’

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DALLAS (TBEN) – Texas added 110,800 jobs in March, according to seasonally adjusted and comparative payroll employment figures released Friday, April 16, by the Federal Reserve Bank of Dallas.

The state lost 14,300 revised jobs in February and added 142,200 jobs since the start of the year.

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Using a top-down model based on national forecasts, COVID-19 hospitalizations and oil futures prices, the Texas Employment Forecast estimates that job growth will increase 6.6% in 2021, with a confidence band 80% from 5.6 to 7.6%.

Based on the forecast, 816,400 jobs will be added in the state this year, and employment in December 2021 will be 13.2 million, the Dallas Fed said in a press release.

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Due mainly to stronger than expected growth in March, the forecast improved moderately from the 6.0% estimated with the release of February data.

“Jobs rebounded sharply in March as COVID-19 cases and hospitalizations fell sharply and mobility increased,” said Keith R. Phillips, Dallas Fed deputy vice president and senior economist. “Job gains have been widespread across industries, with particular strength in construction, recreation and hospitality and oil and gas jobs.

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“The continued strong demand for new single-family homes and home repairs from Winter Storm Uri has boosted construction jobs, while the decrease in COVID-19 cases and the increase in the number of people vaccinated has likely driven demand for restaurants, hotels and other leisure and hospitality industries. The improvement in jobs in the energy sector is consistent with the rise in oil prices this year and the heightened optimism expressed in the Dallas Fed’s energy survey in the first quarter. “

Other takeaways from the latest Dallas Fed report:

High-frequency data for April suggests continued strength in jobs. “As long as COVID-19 cases and hospitalizations continue to decline, we should see stronger job growth going forward,” Phillips said.

The Texas leading index rose for the eleventh consecutive month, with the majority of the eight components making positive contributions to the index.

Unemployment rates fell in eight of Texas’ nine major metropolitan areas in March, according to seasonally adjusted figures from the Dallas Fed. The unemployment rate was stable in McAllen-Edinburg-Mission.

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The unemployment rate in Texas was held constant at 6.9% in March. A moderate gain in the labor force offset an increase in household employment.

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