DALLAS — Employment in the Lone Star State grew during the month of January 2023, according to a press release Friday from the Federal Reserve Bank of Dallas.
Texas added 63,300 jobs during the month, according to seasonally adjusted and benchmarked payroll employment numbers.
“January job growth accelerated sharply, with broad-based gains across most private sector industries,” said Luis Torres, Dallas Fed senior business economist in the press release. “Strength in January was led by employment increases in energy, construction, other services, and leisure and hospitality. Only information services posted losses.”
The Texas Employment Forecast update now indicates jobs will increase 2.8 percent this year. 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.
The forecast was revised upward from an earlier projected that job growth in Texas would only increase by 1.4 percent..
The Federal Reserve Bank of Dallas said 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.
The Texas unemployment rate increased to 3.9 percent in January.
Data indicated the unemployment rates in January increased in most of the state’s major metropolitan areas.
