Dallas, TX, United States (AHN) – In the past 24 months from June 2009 to June 2011, Texas accounted for half of the 524,000 payroll gains of the U.S., data from the Federal Reserve Bank of Dallas and the Bureau of Labor Statistics said.
Payrolls in the state went up 2.9 percent since the recession ended two years ago, which is third behind North Dakota and Alaska, but far larger than the national average growth rate of 0.4 percent. Texas has an 8.2 percent unemployment rate, which is better than the national average of 9.2 percent.
Economists explained the faster pace of jobs generation in the Lone Star state to high energy prices which resulted in more oil drilling activities, growing exports and the state’s conservative banking sector which protected Texas from a major housing crash.
According to the BLS, regional and state unemployment rates hardly changed last month, with 28 states and the District of Columbia registering hikes in unemployment rate. For June, Texas logged a 32,000 increase in its payroll, which is the largest among the states.
It was followed by California (28,000), Michigan (18,000) and Minnesota (13,200).
The biggest losers were Tennessee (18,900), Missouri (15,700), Virginia (14,600) and North Carolina (9,500).
Texas’ job creation performance works in favor of Gov. Rick Perry, who has indicated he may run for the Republication nomination for the presidency. Observers said that if he aims for higher office, Perry would likely cite his record in creating jobs in the state when other states are suffering from high unemployment rates as one of his achievements.
State officials pointed out that Texas’ higher-than-expected payroll gains is because of a pro-business climate that Perry created which drew companies from other states where the cost of doing business is much higher.
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