Texas poised for slower job growth this year, Dallas Fed projects

Texas will likely add jobs at a slower pace in 2024 after years of robust employment growth, the Federal Reserve Bank of Dallas said Friday.

The state will add nearly 284,000 jobs this year, a 2% increase from 2023, the Dallas Fed projects — a pace that’s in line with the state’s job growth rate before COVID hit and the state’s economy kicked into overdrive. By year’s end, Texas employment will hit 14.4 million jobs.

By contrast, Texas added about 427,000 jobs in 2022 at a pace of 3.1% — the result of a rapidly growing labor force fueled by strong domestic and international migration.

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