Texas Bounces Back from Pandemic and Power Crisis
Texas’ labor market recovery came to a pause in February 2021, with total nonfarm employment in the state shrinking by 27,500 positions. The job losses were due to the toll taken by the weather-related power crisis that month. With respect to the overall labor market recovery in Texas, it appears that the February pause was a brief bump in the road.
“February was a tough month for the state on a number of fronts, so it was good to see the labor market bounce back in such a strong way in March,” said Taner Osman, research manager at Beacon Economics. “And with the vaccine rollout continuing at a strong pace, there should be no stopping the state’s labor market recovery in the coming months.”
While 1.45 million jobs were lost in Texas at the onset of the pandemic, the latest figures show that 744,100 jobs have been added back, meaning that 51.2 percent of the lost jobs have been recovered. As of March 2021, there were 469,200 fewer people employed in the state’s economy compared to February 2020.
Texas’ labor market recovery continued its steady incline in March, with total nonfarm employment in the state increasing by 99,000 positions. This represents the largest monthly increase in total nonfarm jobs in Texas since October 2020.