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Texas Economic Snapshot – 7/18/2022

Texas Economic Snapshot

Texas continues to lead the nation in an economic resurgence and remains one of the strongest and most diverse economies in the nation. Below is a snapshot of the state’s economic status:

  • Texas unemployment rate is 4.2%(Texas Workforce Commission, May 2022)
  • Texas added 74,200 nonagricultural jobs in May, setting a new employment high for the seventh consecutive month. (Texas Workforce Commission)
  • Texas job recovery rate since peak pandemic impact is 127%. (EDT Analysis, May 2022)
  • The Texas workforce continues to grow, now at 14.5 million(U.S. Bureau of Labor Statistics, May 2022)
  • Texas manufacturing activity growth picked up in May, signaling an acceleration in growth from April. (Federal Reserve Bank of Dallas)
  • Activity in the Texas service sector decelerated in May, but continues to stay higher than the pandemic low point. (Federal Reserve Bank of Dallas)
  • Texas retail sales declined in May, but continue to stay higher than the pandemic low point. (Federal Reserve Bank of Dallas)
  • In May, there were more than 25 new project locations announced in areas across Texas by various news sources. The projects are expected to create $44.3 million in capital investment and 480 new jobs(EDT Research)
  • Unemployment claims continue to decline. The week ending May 30 saw 17,442 claims filed in Texas. (Texas Workforce Commission)
  • State sales tax revenue for April totaled $3.69 billion, up 8.6% compared to the same month last year. (Texas Comptroller of Public Accounts)
  • In April 2022, Texas exports totaled approximately $42.1 billion(USA Trade)
  • Weekly hotel revenues in Spring 2022 continued to set new records due to strong travel demand and higher average daily rates. (STR)
  • Leisure and hospitality has recovered to pre-pandemic employment levels after gaining 27,600 jobs in May. (Texas Workforce Commission)