Labor Market Intelligence
August 2023 LMI
NEW! Coastal Bend Job Projections from TWC’s LMCI Department can be found on Pg. 4 of the LMI Release linked above.
Unemployment Rate
In today’s release by the Texas Workforce Commission for August 2023, the unemployment rate remained the same month-over-month at 5.0% from July 2023 to August 2023 for the Coastal Bend region. Among the 11 counties within the Coastal Bend region, five counties saw a reduction in their unemployment rates over the same period, while the remaining six counties remained unchanged.
Year-Over-Year Shifts
The August 2023 unemployment rate rose to 5.1% from 5.0% in August 2022. This is a year-over-year increase of (+0.1%). This increase was noted in seven of the 11 counties in the Coastal Bend region during the same period. As of August 2023, the 5.0% unemployment rate in Coastal Bend region represented 13,257 residents actively seeking employment.
Comparison with State and National Trends
Texas remained steady month-over-month at 4.5% for August 2023. The national unemployment rate increased (+0.1%) to 3.9%.
Texas Employment Reached Historic Highs in August
After continued growth through the month of August, Texas has once again set new records for the number of jobs, number of people employed, and size of the civilian labor force. Total nonfarm employment increased by 16,700 positions over the month to reach a 23rd consecutive series-high level with 13,979,100 jobs and a 30th consecutive month of growth. Since August 2022, the Lone Star State employment grew by 402,000 positions and continued to outpace the nation in the rate of annual employment growth.
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.
Within the Coastal Bend region, the Financial Industry stood out with a 7.7% increase in the previous year. This was closely followed by the Construction industry experiencing a 6.4% increase, and the Professional and Business Services industry increased to 6.2% compared to August 2022.
In the Corpus Christi MSA, the Information industry lead the growth rate with a 6.7% increase in 2022, followed by the Financial industry with 5.6%, while the Mining, Logging, and Construction industry increased to 5.0% in the same year.
Resources
Job seekers in this region have access to *14,346 job openings spanning various sectors. To explore these job opportunities, individuals can register in WorkinTexas.com.
*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.
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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