Even in the face of declining oil prices, Texas added the most jobs in 2014 than any other year in the state’s history.
The Texas Workforce Commission reported that the Lone Star State added almost 456,000 positions last year, amounting to an overall growth rate of 4 percent. This represents significant improvement over 2013’s figures, which showed a growth rate of 2.9 percent. In December alone, 45,700 jobs were created. The seasonally adjusted unemployment rate came to 4.6 percent in December, down from 4.9 percent the previous month and 6 percent one year before.
Most of the new jobs were in the oil and gas industry, which added almost 34,000 positions to its workforce over the course of the year. Both trade, transportation and utilities and professional and business services grew by 85,800 jobs.The state led the entire nation in job growth, noted The Dallas Morning News.
While 2014’s figures were impressive, economists warn that Texas will most likely experience a decline in its employment situation during 2015.
“We were expecting some decline in December. It’s unlikely that Texas will see job growth in oil and gas this year. We expect layoffs to pick up over the next three months,” Boyd Nash-Stacey, an economist for BBVA Compass bank in Houston, told The Dallas Morning News.
Reductions in oil prices are already causing companies in the industry to cut down on the size of their staffs.