DFW Job Market Outlook
The Federal Reserve Bank recently released its Texas Employment Forecast for 2021. The outlook for the DFW job market is better than most states. According to their report, Texas jobs should increase by 4.2% over the next twelve months. In most sectors, that is.
The unemployment rate in the hospitality and leisure fields was 15.9% in January, according to government statistics. The hotel industry was 23%. Nationwide, retail jobs suffered as well, losing 38,000 jobs.
The manufacturing fields saw rates of less than 5% unemployment. The same is true of health care, professional and technical services, finance, and government.
The really good news for the DFW job market is the diversification of the labor force. While Houston is quite dependent on the energy industry, the DFW area has a wide variety of fields available for job hunters. These include finance, technology, professional service, and manufacturing. According to an article in the Dallas Morning News, Mitchell Schnurman reports that By the end of December, the Dallas-Plano-Irving metro division had recovered nearly all its lost jobs over the previous 12 months — if the hard-hit leisure and hospitality sector were excluded.”
As the economy recovers and the virus numbers lower, people will be ready to eat out, go to movies and concerts. Many experts believe that those jobs will rebound once this begins to happen. It will likely be 2022 before we see a full recovery in those sectors of the job market.
Last year, despite the pandemic, Texas’ population grew by 374,000 residents. This bodes well for a speedy recovery for Texas and the DFW job market outlook. Dallas-Fort Worth and Austin top the charts of employment growth. San Antonio and Corpus Christie are affected by the slow-down in tourism. In 2020, the Dallas-Fort Worth region added 32,000 jobs in financial and professional business services.