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Welcome to the "Dallas-Fort Worth Job Market Report," your go-to podcast for the latest insights, trends, and updates about the thriving job market in the Dallas-Fort Worth area. Each episode,...
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Welcome to the "Dallas-Fort Worth Job Market Report," your go-to podcast for the latest insights, trends, and updates about the thriving job market in the Dallas-Fort Worth area. Each episode, we dive deep into industry developments, employment opportunities, and economic shifts shaping the future of work in DFW. Whether you're a job seeker, employer, or simply interested in the local economy, our expert guests and in-depth analysis will keep you informed and ahead of the curve. Stay tuned and stay competitive with the "Dallas-Fort Worth Job Market Report."
For more info go to https://www.quietperiodplease....
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For more info go to https://www.quietperiodplease....
Dallas-Fort Worth Job Market Report
Dallas-Fort Worth Job Market Report
Transcribed
27 SEP 2024 · The job market in the Dallas-Fort Worth (DFW) area remains robust, despite some recent slowdowns. In the first quarter of 2024, DFW employment grew at an annualized rate of 0.7%, which is slower than the 1.8% growth in the fourth quarter of 2023, but still indicative of a resilient labor market.
Total nonfarm employment in the DFW-Arlington metropolitan area increased by 68,000 jobs over the year in May 2024, with a job growth rate of 1.6%, slightly below the national rate of 1.8%. The area is composed of two metropolitan divisions: Dallas-Plano-Irving, which accounts for 72% of the area’s total nonfarm employment, and Fort Worth-Arlington, which accounts for 28%.
The unemployment rate in DFW stood at 3.8% in March 2024, slightly below Texas’ rate of 3.9% but above the national average. Major industries contributing to job growth include information services, education and health services, construction and mining, and other services. However, sectors like leisure and hospitality saw nearly flat growth, while trade, transportation and utilities, professional and business services, and financial activities experienced contractions.
Average private hourly earnings in DFW increased to $34.44 in March, reflecting a 2.1% year-over-year growth, though this is narrower than the state and national averages. The DFW area has been recognized as one of the strongest labor markets in the U.S., ranking 10th among major metropolitan areas with over 1 million residents, based on criteria such as unemployment rates and labor force engagement.
Recent developments indicate that while the job market is strong, it is not immune to broader economic pressures. The Fort Worth-Arlington area, for instance, has seen job growth in every sector, despite expectations of a slowdown, with significant gains in business and professional services, transportation, warehousing, and utilities.
Seasonal patterns show that the leisure and hospitality industry is recovering jobs lost during the pandemic, with new hotel openings contributing to this growth. Commuting trends are influenced by the area's robust population growth, with over 150,000 new residents between July 2022 and July 2023, which is expected to continue due to the area's strong labor market.
Government initiatives and workforce development programs, such as those by Workforce Solutions for Tarrant County, are supporting job seekers and employers, with job fairs and high-impact internships being key components.
In terms of market evolution, DFW has expanded employment by 20.3% over the past five years, including a 4.2% growth in the last year alone, with robust job creation in sectors like tech, health, retail, and hospitality.
Key findings include the DFW area's strong labor market, despite some sectoral contractions, and its resilience in the face of economic pressures. The area continues to attract new residents and businesses, driven by its robust job market and diverse economic sectors.
Current job openings include:
- **Software Engineer** at major tech companies in the DFW area, with multiple rounds of interviews and a focus on innovation and technology.
- **Registered Nurse** in the education and health services sector, which has seen robust employment gains.
- **Logistics Coordinator** in the transportation, warehousing, and utilities sector, reflecting the ongoing demand in this area.
Data gaps include detailed sector-specific wage growth and long-term commuting trend analyses, which could provide deeper insights into the labor market dynamics.
Transcribed
24 SEP 2024 · The job market in the Dallas-Fort Worth (DFW) area is characterized by a mix of growth and challenges. Despite a slowdown in the first quarter of 2024, the region has seen overall employment expansion. DFW employment grew at an annualized rate of 0.7% in the first quarter, which is slower than the 1.8% growth in the fourth quarter of 2023, but still indicative of a growing labor market.
In terms of statistics, total nonfarm employment in the DFW-Arlington area increased by 68,000 over the year in May 2024, with a job gain rate of 1.6%, slightly below the national rate of 1.8%. The unemployment rate in DFW stood at 3.8% in March 2024, slightly below Texas's rate of 3.9%.
Major industries driving the DFW economy include technology, healthcare, finance, and manufacturing. The region has seen robust job creation in sectors such as professional and business services, tech, health, retail, and hospitality.
Growing sectors include information services, education and health services, construction and mining, and other services. However, sectors like leisure and hospitality, trade, transportation and utilities, professional and business services, and financial activities experienced either flat or contracting employment in the first quarter of 2024.
Recent developments show a decline in office space demand, with a multiyear high vacancy rate of 25.8% in the first quarter, while industrial leasing remains solid despite rising vacancy rates due to new deliveries.
The unemployment rate has seen fluctuations, increasing from 3.3% to 3.9% in January 2024, aligning with state and national trends. Average private hourly earnings in DFW have increased by 2.1% over the past year, reaching $34.44 in March 2024.
Commuting trends and government initiatives are less detailed in recent reports, but it is noted that the region's diverse economy and growing population continue to shape its labor market.
Key findings indicate that while the DFW job market is expanding, it faces sector-specific challenges and slower growth rates compared to previous periods. The region remains a vibrant hub for job seekers and employers, with a strong focus on diverse industries.
Current job openings include registered nurses, with 3,712 unique postings in January 2024, software developers, and preschool teachers, which saw a significant month-over-month increase.
In conclusion, the DFW job market is dynamic, with growth in key sectors and ongoing challenges in others. Understanding these trends is crucial for both job seekers and employers navigating the region's economic landscape.
Welcome to the "Dallas-Fort Worth Job Market Report," your go-to podcast for the latest insights, trends, and updates about the thriving job market in the Dallas-Fort Worth area. Each episode,...
show more
Welcome to the "Dallas-Fort Worth Job Market Report," your go-to podcast for the latest insights, trends, and updates about the thriving job market in the Dallas-Fort Worth area. Each episode, we dive deep into industry developments, employment opportunities, and economic shifts shaping the future of work in DFW. Whether you're a job seeker, employer, or simply interested in the local economy, our expert guests and in-depth analysis will keep you informed and ahead of the curve. Stay tuned and stay competitive with the "Dallas-Fort Worth Job Market Report."
For more info go to https://www.quietperiodplease....
show less
For more info go to https://www.quietperiodplease....
Information
| Author | QP - Daily |
| Organization | William Corbin |
| Categories | Society & Culture , Careers , Business News |
| Website | - |
| corboo@mac.com |
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