Labor Market Intelligence
Workforce Impact January 2018
What Does The Labor Force Participation Rate Indicate?
January 19, 2018 – With the unemployment slowly decreasing in the Coastal Bend over both month and year, the Labor Force Participation Rate is another tool used to gauge the strength of the economy. What exactly is this rate? According to the U.S. Bureau of Labor Statistics, it is the number of people in the labor force as a percentage of the civilian population 16 years old and over. In other words, it is the percentage of the population that is either working or actively seeking work.
While the rate in the Coastal Bend is lower today that it was five years ago, this trend is still very much in line with the overall trajectory of the Texas Participation Rate. While many factors from an aging population to long-term unemployment could have an impact on the decrease, this measure provides new insight into the growth and sustainability of the Coastal Bend economy.
The latest Labor Force Participation Rate for the Coastal Bend region is 55.44% with Texas at 60.85%. This was roughly 264,000 workers in the labor force out of the total working population estimated at 480,000 working-age adults. In the December 2017 Labor Market Intelligence Report, the labor force was at 263,854 workers. To see the most recent jobs and employment report, scroll down for detailed information.
Workforce Snapshot – December 2017
5.3% Regional Unemployment Rate
1,575 WorkInTexas.com Total Job Postings
4,994 WorkInTexas.com Total Job Openings
2,189 WorkInTexas.com Active Employers
2,499 Job Seekers Served
278 Veterans Received Priority Service
1,644 Families Served – Employment-Related Child Care Assistance
2,777 Children Attended a State Licensed Child Care Center
Unemployment Down In The Corpus Christi MSA
According to the latest employment statistics for December 2017 released by the Texas Workforce Commission, the Coastal Bend region’s remained unchanged at 5.3%, while dropping 1.3% from this time last year and employing 5.400 more workers. The Corpus Christi Metropolitan Statistical Area (MSA) unemployment rate decreased 0.1% to 5.2% unemployment rate.
Seven of the 11 Coastal Bend counties experienced increases over the month with Brooks and San Patricio counties remaining unchanged over the month. Ten of the 11 counties decreased year-over-year with Aransas County 1.4% higher. This can largely be attributed to the lingering economic impact of Hurricane Harvey.
Total Nonfarm employment in the Corpus Christi MSA added 5,100 jobs annually with Mining, Logging, and Construction leading at 1,500 jobs.
Average Weekly Wages increased $19.00 from 2nd Quarter 2016 to 2nd Quarter 2017.
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.
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 Business Plan 2017 – 2020
Workforce Solutions of the Coastal Bend’s Strategic Business Plan 2017 – 2020 has been updated to comply with Workforce Innovation and Opportunity Act (WIOA) regulations and is available to the public.
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.
CORPUS CHRISTI – Workforce Solutions of the Coastal Bend (WFSCB) will host its 4th Annual “Back To School” Teachers Fair from 8:00 a.m. to 5:00 p.m. on Saturday, August 19, 2017 at the Congressman Solomon P. Ortiz International Center located at 402 Harbor Drive in...read more
Workforce Solutions of the Coastal Bend (WFSCB) is assisting workers displaced as a result of the disaster through mobile workforce units, employer assistance, and partnering with community-based organizations to provide relief workers. A $1.6 million National...read more