10.22.24 – Business Facilities
Over the last 12 months, Texas had a faster rate of job growth than the rest of the nation based on the July employment data released by the U.S. Bureau of Labor Statistics. Texas set records for the number of residents working and the overall size of the Texas labor force.
“Our skilled and growing workforce is a magnet for innovative businesses and entrepreneurs seeking to expand and succeed,” said Governor Greg Abbott. “As a result, Texas employers added jobs at a faster rate than the nation over the last 12 months and more Texans are working than ever before. The diversity of industries growing across our great state is a testament to the resilience of Texas businesses and the Best Business Climate in America. With increasing investments in education, innovation, and workforce training, we continue to build a bigger, better Texas for all.”
During the past year, Texas reached the highest labor force ever with 15.3 million with growth of nearly 250,000. Self-employed Texans increased to the number of 14,731,400. Texas added 265,500 non-farm jobs from July 2023 to July 2024, which was more than the United States as a whole in annual growth rate. In July 2024, the Texas unemployment rate was only 0.2 percentage points below the national rate at 4.1%. The Texas Workforce Commission July employment data shows that there are more than half a million job listings in the state.
Texas has seen the shift of companies moving their headquarters to their state as well. At a fireside chat with the Portland Chamber of Commerce, Gov. Abbott discussed the economic policies that allow businesses to thrive in Texas.
A highly skilled workforce, newly created Texas Business Courts, and extensive infrastructure with more road miles and airports than any other state have made the Lone Star State more appealing to companies looking to relocate their headquarters.
Gov. Abbott commented on Texas’s workforce saying, “People came to Texas because of the freedom and opportunity we offer here. Last year, I signed into law House Bill 5, which gives local jurisdictions the economic tools they need to attract businesses to come to Texas or grow their operations within our state. Everyone in Texas has the chance to succeed and thrive. Together, we will build a bigger, better Texas for the next generation of Texans.”