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Texas employment at historic high, but jobless rate is up
CAPITAL HIGHLIGHTS HLIGHTS GARY BORDERS
For the 30th consecutive month Texas showed job growth, reaching just under 14 million jobs and outpacing the nation in its annual rate of employment growth, according to the Texas Workforce Commission.
At the same time, the state’s unemployment rate is tied for fifth worst in the country at 4.1%, which is below the national average of 3.8%, the Texas Tribune reported. The jobless rate still has not returned to pre-pandemic levels, according to data from the Federal Reserve Bank of Dallas.
The higher jobless rate reflects a growing labor force due to increased population growth and fewer workers leaving the state, according to economic experts.
“Very tight labor markets, like what we’ve seen at the national level, are actually detrimental to matching workers to jobs because it’s so hard for employers to hire,” said Pia Orrenius, with the Dallas Federal Reserve office.
Hegar: Texas economy chugging along Comptroller Glenn Hegar says lawmakers are likely to have billions of dollars more than anticipated to spend as they go into another special session, The Dallas Morning News reported. However, though he has increased his revenue projection for the state by nearly $5 billion over earlier projections, he warns that there are “dangers to the economic outlook.”
Hegar said his economic outlook does not assume a recession is imminent, but that possibility is “very real.” His current forecast indicates the state will finish the two-year budget cycle with $18.5 billion in unspent discretionary funds.
Lawmakers entered their third special session on Monday to consider Gov. Greg Abbott’s proposal for school choice, widely known as vouchers, and increased border security. Other topics may be added later.
ERCOT seeking to regulate new industrial consumers The Electric Reliability Council of Texas is seeking to require large electric consumers to get its approval before connecting to its grid, The News reported. ‘ Opponents of the proposal say it is unprecedented and could damage the state’s ability to attract large new businesses to the state.
Under ERCOT’s proposal, any new facility that consumes an average peak of 75 megawatts would need its OK before getting power from the grid. That is enough electricity to power 15,000 homes, according to The News.
The proposed regulation, which is months away from final approval, comes due to the influx of large data centers, including cryptocurrency mining facilities that gobble up electricity from a grid that has become increasingly strained during both winter storms such as Uri in 2021 and last summer’s intense heat wave.
Cryptominers and data centers differ from traditional power users in that they can turn power on and off almost immediately to take advantage of fluctuations in power prices.
Some crypto centers made millions of dollars over the summer by voluntarily cutting usage when the grid is approaching peak levels.
“Many large loads that have connected to the system within the past two years are capable of going from full consumption to no consumption (or the reverse) in five minutes or less,” ERCOT spokeswoman Trudi Webster said in an email to The News.
Historic funding for Texas seaports The Texas Transportation Commission has approved $200 million for Texas seaports, the first funding of its kind in the state.
The funding comes from a bill passed in the last full legislative session and is intended for port development and infrastructure projects.
The funding goes toward 31 projects recommended by the Port Authority Advisory Committee, a nine-member body that represents the Texas port industry.
“Texas ports are a crucial link in the supply chain,” said Texas Transportation Commissioner Steven Alvis. “With the expansion of the Panama Canal, and under the governor’s direction, improving these port facilities along the Texas Gulf Coast helps support this key economic driver for our state and the nation.”
The state has two of the three largest ports in the country based on tonnage and drive $450 billion in economic activity annually, according to TxDOT.
DSHS recommends getting flu vaccines
All eligible Texans are urged by the Texas Department of State Health Services to get a flu shot as soon as possible. It takes about two weeks for the vaccination to be effective, experts say.
“Seasonal influenza presents a real public health threat to Texans, and immunization remains our best defense against serious flu illness,” said DSHS Commissioner Jennifer Shuford.
It is also both possible and safe to get a flu vaccine and an updated COVID-19 vaccine at the same time if one is due for both.
Approximately 36,000 Americans die each year from flu-related illness, according to the Centers for Disease Control and Prevention.
Two solar eclipses on the horizon for Texans
There are two solar eclipses coming up over Texas skies in the next six months, the Texas Standard reported, the first in less than a week. The “ring of fire” solar eclipse arrives on Oct. 14 when a halo of light will be visible around the moon but should be viewed through solar eclipse glasses.
Depending on cloud conditions, the annular — Latin for ring — eclipse will be visible in Texas about noon, primarily in the Hill Country and around San Antonio. The total eclipse will occur on April 8 of next year starting at 1:30 p.m., along a line in Texas from Del Rio to Texarkana.
Gary Borders is a veteran award-winning Texas journalist. He published a number of community newspapers in Texas during a 30-year span, including in Longview, Fort Stockton, Nacogdoches, Lufkin and Cedar Park. Email: gborders@texaspress. com.
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