Greater Houston’s job market grew by 73,300 jobs in 2018, not by 108,300 as previously estimated, according to benchmark revisions by the Texas Workforce Commission (TWC).
The Greater Houston Partnership lists several reasons for the difference:
- The TWC likely overestimated the impact on construction jobs from the aftermath of Hurricane Harvey.
- Growth in the oil and gas sector didn’t turn out to be as robust as previously thought, creating 1,400 fewer jobs than estimated.
- The retail sector actually lost 5,800 jobs instead of adding 800, indicating that Houston’s population and income growth wasn’t enough to offset the effects from e-commerce and store closings.
- Professional and business services only added half as many jobs (14,300) as thought.
- On the positive side, bars and restaurants added positions after the previous estimate had them lose jobs.
The revised numbers are based on data from unemployment insurance accounts, whereas the previous estimates rely on employer surveys.