Unemployment rates down from 2023, up from January

February unemployment rates in our area were lower than one year ago but higher than the previous month, according to data released by the Texas Workforce Commission (TWC) last week.

Hill County’s February unemployment rate was reported at 4.3%, with 786 unemployed individuals out of a total civilian labor force of 18,130. That is down from the February 2023 rate of 5%, but up from January’s rate of 4%.

Bosque County’s February rate was 4%, with a total of 354 unemployed residents out of a total civilian labor force of 8,877. The previous month, the Bosque County rate was reported at 3.6%, and in February 2023, it stood at 4.1%.

Statewide, the seasonally adjusted unemployment rate registered at 3.9% for the ninth consecutive month while showing a drop from the February 2023 rate of 4%.

The Texas labor market again achieved new record-high levels for jobs, Texans employed and the civilian labor force following over-the-month increases in February.

Texas’ seasonally adjusted job count increased by 49,800 over the month of February to reach 14,103,700 jobs. This reflects job growth in 44 of the last 46 months and marks the largest total nonfarm monthly job gain since January 2023.

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 percentage points. In addition, Texas led the nation in seasonally adjusted over-the-month and over-the-year increases in total nonfarm employment.

The Texas seasonally adjusted civilian labor force grew over the month by 25,800 people to reach 15,169,200 in February. This included the addition of 19,800 employed Texans over the month.

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% over the year, which outpaced the national growth rate by 1.3 percentage points.