Texoma’s economy continues to be strong with new employers bringing additional jobs to the area. Grayson County’s unemployment rate for August was 3.2 percent. That was the same rate the county saw in July and is only slightly off from the previous year’s August rate of 3.3 percent.
The U.S. unemployment rate was 3.8 percent for August 2019 which is down from July’s 4 percent and very close to last year’s August rate of 3.9 percent.
The state of Texas saw a 3.6 percent unemployment rate for August, down slightly from the previous month’s 3.7 percent rate. August 2018 the state had a rate of 4.0 percent.
The civilian workforce in Grayson County for the month of August was reporter to be 64,300 individuals. It was reportedly 64,500 individuals in July. Both numbers are up from the previous year’s number of 63,600.
Workforce Solutions Texoma Executive Director Janie Bates offered some insight into the local jobs numbers. Here are five things to know about the local economy.
1. Back to school played a role.
Part of this change can be attributed to the start of a new school year. High school and college students returning to school as well as many adults have created a slight change. When school starts there is a slight shift as education and health services increased by approximately 200 workers.There is an increase in the number of children in care due to parents returning to schools. Current data does not reflect a significant change in employment.
2. It’s still a job seekers market.
New businesses require more workers and those workers will come from the pool of unemployed, underemployed and employed. Everyday employers report the need for more workers. In this market, employers are competing for workers so with any addition of businesses, there will be some shifting of workers from the old to the new. With an unemployment rate of 3.2% there is a very small pool of unemployed workers. It is a job seeker’s market.
3. Retail and manufacturing remain strong.
Employment in the service and retail sectors has remained fairly constant over the past year. Grayson County has always been home to a large number of great manufacturers and employment in that sector has been steady for several years. Many local manufacturers are hiring every week. As more houses are built there will be an increase in retail, hospitality and service industries.
4. Things remain strong in Grayson County.
So far there have not been any change in hiring patterns. Each week there have been multiple hiring events in the three Workforce Centers. At this time, there are not any changes being noticed.
5. Education and health services are the strongest sectors.
The strongest sectors in Texoma are education and health services with over 10,000 workers, retail with 6,100, manufacturing with 5,900 and leisure and hospitality at 5,800. Health care is growing rapidly as evidenced by the growth at Texoma Medical Center. These are good paying jobs with benefits which require skilled workers. Manufacturing has been expanding over the past two years, the jobs pay well and provide great benefits. Entry level workers have the opportunity to gain educational credits and advance in the manufacturing industry. It would be hard to say there are specific sectors slowing down when there is a constant demand for workers in a broad area of industries.