According to current labor statistics, the job market in Texas is much more opportunity-rich than the rest of the country.  The DFW (Dallas Fort Worth) area has actually seen a 1% rise in job postings and openings since the beginning of 2009, and average salaries have taken less of a hit than the average salaries in other states.  One of the biggest reasons why the DFW area job market is doing so well may be the fact that the state is so rich in resources that can provide export income.  The downturn in the housing market has not been as severe in Texas, especially the DFW area, which has also helped stabilize the local economy more so than in other parts of the country.

The oil and gas industries have helped Texas stay ahead of the economic curve for nearly a century.  The DFW area is not as dependent on these industries as the Houston area, but Texas as a whole certainly owes much of its economic success to these heavyweights.  The education and government sectors, which have seen large amounts of growth in employment the DFW area, have also helped to bolster the employment numbers for this area.  These sectors are largely recession-proof, due to the fact that education is always in demand and the government sector has been growing since the early 2000’s with the Bush Administration and now the Obama Administration growth policies.

But not all of the news out of Texas is rosy.  There has been quite a downturn in new construction as well as corporate construction and real estate in the DFW area.  The oil industry is still relatively profitable, but as demand has decreased due to the worldwide recession, so has the sector’s new employment opportunities.  The shift away from fossil fuel technology hasn’t helped the DFW area economy either.

The DFW area is also a major hub in the transportation sector.  There are quite a few companies that call the DFW area home like American Airlines, Lockheed Martin, and Bell Helicopter Textron.  These industries have been hard hit by the economic downturn, and I suspect that the DFW area will not be able to stay out of the destructive path of the recession for very much longer if no real growth occurs in the next year or so.

The DFW area has had some help in recent years through a series of economy diversifying efforts that have helped take all of the DFW employment eggs out of one basket so to speak, and more widely distribute them through the diversification of the economy.  This effort was called, “Strategy 2000, Diversifying Fort Worth's Future” and was implemented in the late 1990’s and early 2000’s to help create a thriving, healthy, diversified local economy.  Perhaps the fact that the DFW area employment numbers are far ahead of the national average is testament to the success of this program, and perhaps many other regions could learn a thing or two from such a plan.  Regions that are less diversified and heavily dependent on one or two industry sectors have done more poorly than the economy on average.  Diversification is a great way to create a healthy economy.