Wichita Falls bucked national trends in January 2024, experiencing continued job growth while many other regions faced stagnation or decline. Key takeaways include:
- Employment: Increased by 0.8% compared to December 2023, adding 500 jobs.
- Unemployment Rate: Held steady at 3.3%, remaining below the national average.
- Wage Growth: Modest growth of 1.2%, lagging behind inflation.
Highlights:
- Strongest Growth: Professional and Business Services (+2.8%), Leisure and Hospitality (+2.0%), and Educational Services (+1.8%).
- Job Gains: Significant additions in Healthcare Support Occupations (+180), Retail Salesperson (+100), and Personal Care Aides (+70).
- Low Unemployment: Continued tight labor market, potentially hindering further growth.
Industry and Occupation Changes:
- Growth: Professional and Business Services (management, consulting, finance), Leisure and Hospitality (restaurants, hotels), Educational Services (teachers, tutors), Construction (carpenters, laborers), and Trade, Transportation, and Utilities (truck drivers, mechanics).
- Shrinks: Manufacturing (-0.5%), Information (-0.4%), and Financial Activities (-0.3%). However, declines were minor compared to national trends.
Year-over-Year Comparison:
- Employment: Up 2.2% compared to January 2023, adding 1,300 jobs.
- Unemployment Rate: Down from 4.5% a year ago.
- Wage Growth: Increased slightly from 1.0% in January 2023.
Month-over-Month Comparison:
- Employment: Slightly higher than December 2023, indicating sustained growth.
- Unemployment Rate: Remained unchanged.
- Wage Growth: Up from 1.1% in December 2023.
Future Outlook:
The Wichita Falls Area Development Corporation predicts continued moderate job growth in 2024, driven by sectors like healthcare, logistics, and manufacturing. However, national economic uncertainties and rising interest rates could pose challenges.
Top 10 Growing Occupations:
- Home Health and Personal Care Aides
- Retail Salespersons
- Registered Nurses
- Customer Service Representatives
- Truck Drivers
- Construction Laborers
- Food Preparation and Serving Related Workers
- Elementary and Middle School Teachers
- Software Developers and Applications
- Fast Food Cooks
Top 10 Companies Hiring Now:
- United Regional Health Care System
- Sheppard Air Force Base
- City of Wichita Falls
- Walmart
- MSU Texas
- PepsiCo
- Cargill
- Koch Industries
- Lowe’s Home Improvement
- Whataburger
Resources: