Lubbock’s December 2023 jobs report painted a positive picture, with continued job growth, a declining unemployment rate, and a steady increase in wages. The report marked the culmination of a year that saw Lubbock’s economy outperform both Texas and national averages.
Highlights:
- Unemployment rate: Dropped to 2.8%, the lowest since December 2019.
- Job growth: Added 3,500 jobs month-over-month, a 2.1% increase.
- Nonfarm employment: Up 1.4% year-over-year, exceeding pre-pandemic levels.
What Industries and Occupations Grew:
- Leisure and hospitality: Led the pack with 1,000 new jobs, driven by the holiday season and increased tourism.
- Professional and business services: Added 700 jobs, reflecting growth in healthcare, education, and finance.
- Trade, transportation, and utilities: Expanded by 500 jobs, fueled by retail sales and logistics.
- Fastest-growing occupations: Registered nurses, software developers, truck drivers, teacher assistants, and sales representatives.
What Industries and Occupations Shrank:
- Mining, logging, and construction: Lost 100 jobs, likely due to seasonal fluctuations.
- Information: Shed 50 jobs, primarily in telecommunications and broadcasting.
- Declining occupations: Newspaper reporters, editors, and telecommunications equipment installers.
Compare to Same Month Last Year:
- Unemployment: Down from 4.1% in December 2022.
- Job growth: Up from 1.2% year-over-year.
- Wages: Increased by 3.8% compared to December 2022.
Compare to Previous Month:
- Unemployment: Dropped from 3.2% in November 2023.
- Job growth: Slightly slower than November’s 3.1% increase.
- Wages: Remained consistent with November’s figures.
Future Outlook:
The Lubbock Economic Development Alliance projects continued job growth in 2024, fueled by the city’s growing population, expanding healthcare sector, and increasing investment in renewable energy.
10 Growing Occupations:
- Registered Nurses
- Software Developers and Applications Specialists
- Truck Drivers (Heavy and Tractor-Trailer)
- Teacher Assistants
- Sales Representatives
- Customer Service Representatives
- Personal and Home Care Aides
- Wind Turbine Service Technicians
- Physical Therapists
- Marketing Specialists
10 Companies Hiring Now:
- Texas Tech University Health Sciences Center
- United Supermarkets
- Covenant Health System
- City of Lubbock
- Lubbock Independent School District
- CarMax
- Whataburger
- Walmart
- Amazon
- Lowe’s
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