As we in Dallas head into the summer months, it’s not just the temperatures that are rising. The Texas economy and labor market are On. Fire.
The May 2015 Texas Labor Market Review and The Dallas-Fort Worth Area Economic Summary were just released and are full of good news for the Texas economy. Some notable statistics:
- Dallas metro area, including Plano and Irving, is the third best city for jobs experiencing a 4.2% increase in the number of jobs since last year, and a total job growth since 2009 of 23%.
- 287,000 jobs were added in Texas over the past year
- The State unemployment rate remains at lowest level since July 2007
- The Texas job growth rate rose 2.6% from 2014 to 2015, and Dallas outpaced this at 3.9%
- Unemployment Rates in Texas are 4%, and the average in Dallas and its surrounding counties is even lower at 3.5% to 3.7%
More good news for Texas workers: These numbers are significantly below the national average in all categories, which means increased optimism, stability,and growth.
For businesses, however, it means tougher competition for human capital. Employers are experiencing a labor shortage – there are more job opportunities than qualified people to fill them. The Bureau of Labor Statistics reports that the national quit rate has risen significantly over the last year in nearly every industry. Dice.com states that 55% of employers are actively seeking to hire tech talent. 10,000 retiring Baby Boomers each day is also placing pressure on the labor market.
Now more than ever, companies need a plan to attract and retain top talent.
The good news is, we are here to help you. We understand this market and what it takes to attract and secure the workers your organization needs. Allow us to be your advocate in this highly competitive market – it will give you the competitive edge you need to get who you need!
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