‘Economy on fire:’ Texas adds nation-topping 650,000 jobs in 2022 – The Dallas Morning News

by | Jan 25, 2023 | Jobs

Texas added 650,100 jobs in 2022, more than any state and more than double its historical average, as the economy continued to expand and leave the pandemic hangover behind.Texas grew jobs 5%, a growth rate that led all states and easily surpassed the 3% job growth for the nation, according to U.S. Bureau of Labor Statistics data released Tuesday.“The Texas economy was on fire in 2022,” said William Adams, chief economist at Comerica Bank. “And the job growth numbers really capture the amazing dynamic happening in our state.”Related:Texas’ economy keeps its edge by importing talent from other states and countriesIn much of the country, potential growth is limited by a labor shortage. But Texas has been drawing workers from other states and countries, enabling the labor force to keep expanding: “Texas, as a magnet, is able to pull ahead of the rest of the country that’s facing that [labor] constraint,” Adams said.The Dallas-Fort Worth region grew even faster than the state — 5.9% for the year. That was the fastest growth rate among large metros, the Texas Workforce Commission said.North Texas posted a net increase of 235,200 jobs last year, seasonally adjusted. That’s more than double the average gain in the years before the pandemic. It nearly matched the region’s total in 2021 when the economy was rebounding from a loss of over 100,000 positions during the first year of COVID-19.For perspective, consider that Dallas-Fort Worth added more jobs last year than 46 states — and accounted for 36% of Texas’ net gains.“There’s a virtuous cycle of economic growth happening in our metro area,” Adams said.That growth draws more businesses, which creates more jobs, attracts more workers, stokes population increases — and contributes to a booming consumer market, he said: “Growth is fueling growth.”Ray Perryman, a Waco economist who’s tracked Texas trends for over 40 years, cited several factors for the state’s impressive run, starting with domestic migration. For decades, people have relocated to Texas and other Sun Belt loca …

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