The December 2023 jobs report for Odessa, TX, shows continued growth in the local economy, with the unemployment rate falling to a record low. However, some industries and occupations are experiencing slower growth than others.
Overview:
- The unemployment rate in Odessa dipped to 2.6% in December, down from 2.8% in November and 3.2% a year ago. This is the lowest unemployment rate recorded in the city since data collection began in 1990.
- Total nonfarm employment increased by 0.3% from November to December, adding 240 jobs. Year-over-year, employment is up 2.1%.
Highlights:
- The Leisure and Hospitality industry added the most jobs in December, followed by Trade, Transportation, and Utilities.
- The Professional and Business Services industry saw the largest percentage increase in employment, followed by Education and Health Services.
What Industries and Occupations Grew:
- Leisure and Hospitality (+180 jobs)
- Trade, Transportation, and Utilities (+70 jobs)
- Professional and Business Services (+60 jobs)
- Education and Health Services (+50 jobs)
- Growing occupations included registered nurses, customer service representatives, truck drivers, and elementary school teachers.
What Industries and Occupations Shrank:
- Mining, Logging, and Construction (-50 jobs)
- Government (-30 jobs)
- Shrinking occupations included petroleum engineers, roustabouts, and construction laborers.
Compare to Same Month Last Year:
- Total nonfarm employment is up 2.1% compared to December 2022.
- The unemployment rate is down 0.6 percentage points from December 2022.
Compare to Previous Month:
- Total nonfarm employment increased by 0.3% from November 2023.
- The unemployment rate remained unchanged from November 2023.
Future Outlook:
The future outlook for the Odessa job market is positive. The Permian Basin, which encompasses Odessa, is expected to continue to see growth in oil and gas production, which will create jobs in related industries. However, the job market is likely to remain competitive, so job seekers should continue to develop their skills and experience.
10 Growing Occupations:
- Registered Nurses
- Customer Service Representatives
- Truck Drivers
- Elementary School Teachers
- Software Developers and Applications Developers
- Sales Representatives
- Wind Turbine Service Technicians
- Physical Therapists
- Home Health Aides and Personal Care Aides
- Occupational Therapists
10 Companies Hiring Now:
- H-E-B
- Walmart
- Lowe’s
- The Home Depot
- Medical Center Hospital
- Odessa College
- Ector County Independent School District
- Schlumberger
- Halliburton
- Valero Energy
Resources:
- U.S. Bureau of Labor Statistics: Odessa : Southwest Information Office
- Texas Workforce Commission: Odessa, TX job postings