You may have seen recent headlines about unemployment rising in the U.S.- a bad sign amid high inflation and other negative economic indicators.

According to NBC, unemployment across the U.S. rose to 4.3%, the highest since October 2021. Additionally, payrolls grew more modestly than previously forecasted and wages increased by only 0.2%.

However, the U.S. is not a monolith- some states can be more dramatically affected by economic pressures than others. How is Texas, an economic powerhouse in its own right- faring economically right now?

Our unemployment is lower than the U.S. average

While unemployment in the U.S. is currently 4.3%, Texas is faring slightly better at 4%. Texas has remained at 4% since April. Earlier this year we sat at 3.9%.

We are growing faster than the U.S. average

From the Texas Workforce Commission:

Texas also led the nation with the largest absolute over-the-year increase in total nonfarm employment, which grew by 270,700 jobs from March 2023 to March 2024. This represents a 2.0 percent annual growth rate in Texas, which outpaced the U.S. growth rate by 0.1 percentage points.

Our minimum wage is still the bare minimum

While other states have a higher minimum wage than the federally mandated $7.25 an hour- it is still the minimum in Texas.

What about the rent?

The average price for a studio apartment in Texas is $1,195. Of course, this average doesn't tell the whole story- some towns will have significantly lower rents than cities like Austin or Houston.

This is much lower than the national average of $1,544 for a studio apartment.

All in all, Texas has a strong economy that seems to be faring better than the national average.