Unemployment and job growth are decreasing in Corpus Christi. Here's why.
Texas is leading the nation in job growth, but the Corpus Christi area still has fewer jobs than before the COVID-19 pandemic, with approximately 4,000 fewer people in the workforce.
Many people retired early or stopped looking for work after losing their jobs during the pandemic, contributing to an odd trend of declining unemployment and weak job growth, according to Jim Lee, Texas A&M University-Corpus Christi Regents Professor of Economics and director for the South Texas Economic Development Center in the College of Business.
“Historically, these two key economic indicators moved in opposite directions,” Lee said.
Still, the Corpus Christi area’s unemployment rate remains at 4.8%, which is its lowest since the COVID-19 pandemic began in 2020. According to Lee, economists typically consider a 5% unemployment rate to be full employment.
Nine of 11 Coastal Bend counties saw a month-over-month decrease in unemployment, according to Workforce Solutions of the Coastal Bend’s Labor Market Intelligence report in October. San Patricio County had the largest decrease, at 0.5%.
Increased business activity during the holidays may indicate signs of more permanent employment growth. The Corpus Christi area’s professional and business services had the largest industry sector change over 2022, growing more than 6.5%.
According to Texas Workforce Commission data, there were 190 vacant jobs in colleges, universities and professional schools in mid-November. As of late November, the industries in the Coastal Bend with the most job vacancies were general medical and surgical hospitals, restaurants, colleges and universities, insurance carriers, home health care services and traveler accommodation.
U.S. Bureau of Labor Statistics data shows the Corpus Christi area’s leisure and hospitality sector grew by 6.3% in 2022, while the area’s mining, logging and construction sector suffered a 0.5% loss.
“Now, it is not a matter of if a nationwide recession will happen, but when and how bad,” Lee said. “Along with high inflation and rising costs, an uncertain economic outlook hurts the economy in the end. But local businesses have shown much resilience, reflecting an overall optimistic economic outlook.”
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This article originally appeared on Corpus Christi Caller Times: Unemployment, job growth are decreasing in Corpus Christi. Here's why.
