Lubbock, TX – December 2023 Jobs Report – Wind Beneath the West Texas Plains

, ,

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:

  1. Registered Nurses
  2. Software Developers and Applications Specialists
  3. Truck Drivers (Heavy and Tractor-Trailer)
  4. Teacher Assistants
  5. Sales Representatives
  6. Customer Service Representatives
  7. Personal and Home Care Aides
  8. Wind Turbine Service Technicians
  9. Physical Therapists
  10. Marketing Specialists

10 Companies Hiring Now:

  1. Texas Tech University Health Sciences Center
  2. United Supermarkets
  3. Covenant Health System
  4. City of Lubbock
  5. Lubbock Independent School District
  6. CarMax
  7. Whataburger
  8. Walmart
  9. Amazon
  10. Lowe’s

Resources: