Labor Market Intelligence

 

Coastal Bend Demonstrates Economic Strength

February 2024 LMI

**Released March 22, 2024. Reflects data up to February 2024. **

Unemployment Rate

Month-Over-Month Shifts

In today’s release by the Texas Workforce Commission for February 2024, the unemployment rate for the Coastal Bend region slightly increased from 4.5% in January 2024 to 4.7%. Nonetheless, it remained lower compared to the same period last year. Ten out of the eleven counties in the Coastal Bend region experienced an increase in their unemployment rates during this period.  As of February 2024, the 4.7% unemployment rate represented 12,570 residents seeking employment.

Year-Over-Year Shifts

Coastal Bend’s unemployment rate decreased by 0.3% points from 5.0% in February 2023. Within the 11 counties of the Coastal Bend region, nine counties saw a reduction during the same period. 

Comparison with State and National Trends

In Texas, the unemployment rate climbed 0.3% from 4.1% in January 2024 to 4.4% in February 2024, remaining consistent with the year-over-year rate. Similarly, the national unemployment rate rose by 0.1% during this time, increasing from 4.1% in January 2024 to 4.2% in February 2024.

Texas Labor Market Growth Continues into 2024

Texas’ total nonfarm employment grew by 291,400 jobs from February 2023 to February 2024, amounting to a 2.1% annual growth rate and outpacing the U.S. growth rate by 0.3% points. In addition, Texas led the nation in seasonally adjusted over-the-month and over-the-year increases in total nonfarm employment. 

Ten of the 11 major industries added jobs over the month in February. The most significant growth occurred in Professional and Business Services with 11,900 jobs added, while 9,300 jobs were added in Private Education and Health Services. The Construction industry added 7,800 jobs over the month in February and grew by 4.0% over the year, which outpaced the national growth by 1.3%. 

Sectors Driving Growth

Both the Coastal Bend region and the Corpus Christi Metropolitan Statistical Area (MSA) displayed growth in diverse industries, weekly wages, and year-over-year employment statistics.      

The Construction industry experienced a 17.6% increase region wide, followed by the Financial Activities industry which increased to 6.5% compared to February 2023.  

For the Corpus Christi MSA, the Mining, Logging and Construction industry lead the growth rate with a 16.8% increase in 2023, followed by the Financial Activities industry with a 5.6% year-over-year. 

Resources

Job seekers in this region have access to *13,033 job openings spanning various sectors. To explore these job opportunities, individuals can register in WorkinTexas.com or visit our website at wfscb.org

*Advertised jobs are spidered daily in real-time. Real-time advertised jobs are collected from employer corporate sites, hospitals, non-profits, local and federal government agencies, schools and universities, recruiter sites, newspapers, volunteer sites, and other public, private, and state job boards. 

Labor Market Information Definitions

Not Seasonally Adjusted (Actual) – Data has not been subjected to the seasonal adjustment process. In other words, the effects of regular or seasonal patterns have not been removed from these series. Not seasonally adjusted data is available for smaller geographies, where seasonally adjusted is only available down to the state level. Use this data to view raw numbers, and for geographies smaller than state level.

Seasonally Adjusted – Total employment and unemployment vary throughout the year. For example, higher unemployment in January and February isn’t uncommon because of work in agriculture, construction and other seasonal industries slowing down. Also, both employment and unemployment rise every June, when students enter the labor force in search of summer jobs. Seasonally adjusted numbers also take into account seasonal hiring/layoff patterns that go along with winter and summer holidays. Use this data for month-to-month comparisons for Texas and the United States.

Labor Force – Residents who are at least 16 years old, not serving in the military or institutionalized, and employed or seeking employment.

  Download Targeted Occupations List 2022-2023 (PDF)

The targeted occupations list is developed by Workforce Solutions of the Coastal Bend for the most effective use of local workforce development resources. Sources of information for the target list are local area employers, economic development entities, chambers of commerce, community partners, Texas Workforce Commission labor market information regarding the Coastal Bend Counties, and knowledge gained from continuous contact with the above sources.

Strategic Board Plan Header

Workforce Solutions of the Coastal Bend’s Strategic Business Plan 2021-2025 has been updated to comply with Workforce Innovation and Opportunity Act (WIOA) regulations. The final draft has been approved by the Texas Workforce Commission.

Written comments were submitted electronically to amy.villarreal@workforcesolutionscb.org, delivered via mail or in-person to the Board Administrative offices to Amy Kiddy Villarreal, Chief Operating Officer at 400 Mann St. Suite 800, Corpus Christi TX 78401

 

 

Have A Workforce Professional Contact You!

Workforce Professionals are virtually available to assist you by phone, text, email, and online.
(361) 882-7491
info@workforcesolutionscb.org

Local Labor Market Information

The Texas Workforce Commission collects information from Unemployment Insurance claims coupled with data from the Current Employment Statistics Program and data from other sources to produce estimates of total employment, unemployment, and unemployment rates for the 27 Metropolitan Statistical Areas, and all 254 counties in the state.

Each month, the Local Area Labor Market Information (LMI) is distributed to the Coastal Bend community. These rates are provided to a wide variety of users both inside and outside government and are used as a basic allocator for federal funding in many programs.

Check out the latest Local Labor Market Information (LMI) for the Coastal Bend.

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