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Authors, sign in![From July 2007 to July 2008], overall U.S. employment fell 0.1 percent, shedding 174,000 jobs. Five of the 12 largest metropolitan areas suffered job losses during that time. The largest job losses occurred in the Detroit area, where employment fell by 1.9 percent or 36,700 jobs; and Los Angeles, an epicenter of the housing bust, where employment fell by 0.8 percent or 45,000 jobs. (Dallas Morning News)I'm not an economist, but I know a few and they tell me that the economy in Texas is 'counter cyclical', meaning that, for the most part, Texas' economy can run somewhat counter to what is happening in the rest of the country.
To the degree that such an analysis is true (its obviously not an absolute), there seems to be good news for North Texas.
The Dallas Morning News report last week that the DFW leads the country's major metropolitan areas in job growth.
While the nation lost 174,000 jobs, the Dallas-Fort Worth area add 68,000 non-farm jobs, growing 2.3 percent and reflecting the highest growth rate among the country's 12 largest metropolitan areas. Until July of this year, Houston led Dallas in job growth.
The largest gains came in education, health services, government, natural resources, mining and construction.
The picture is not entirely rosy, but appears to be somewhat more positive than the rest of the country, according to Southwest Economy a publication of the Federal Reserve Bank. "Texas entered 2008 with its economy on the wane, largely because of the drags from the nation's slowing business activity. During the first half of the year, more signs of weakness have emerged in Texas and the U.S., but the state is still doing better than the nation."
A bit of good news on Labor Day. Or is it? Central Dallas Ministries is committed to training for living wage jobs through its program called WorkPaths, a job driven, workforce development strategy. I'd like to know your experience in the job market, in DFW or beyond.
Also see www.dallasnews.com/sharedcontent/dws/dn/latestnews/stories/090108dnmethotjobs.41bd3f4.html.
Published September 1, 2008 by Gerald Britt |
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