Construction lost 3,900 jobs last month while leisure and hospitality added over 20,000.
Construction loses positions for a fourth straight month and downward revisions are likely ahead, economist says.
But evidence of a slowdown is mounting after Friday’s release of new and revised job numbers. Texas’ construction industry lost 3,900 jobs last month as the impact spread from the Federal Reserve’s higher interest rates and the subsequent pullback in the housing industry. November’s increase was still well ahead of average monthly gains in 2018-19, before the pandemic hit. But recent impressive numbers may not hold up after estimates are revised in coming months.Pia OrreniusA different set of data – from a quarterly census – led to sharp downward revisions for the second quarter of 2022.
Texas’ year-over-year job growth was the highest of any state, and that won’t change, she said, because numbers will be revised downward for most others, too. After leisure and hospitality, the big gainers were education and health services, up 5,400; mining and logging, which includes the oil and gas industry, up 3,800; and information, up 3,700.
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