Texas' job market topped the country last month with Dallas and Austin both ranking in the top three best-performing U.S. labor markets, according to an analysis of federal employment data by the software company ThinkWhy.
Dallas-Fort Worth ranked the country's top job market in July followed by Phoenix, Ariz., and Austin-Round Rock.
ThinkWhy, which generates the rankings using its proprietary LaborIQ technology, ranks major metropolitan areas on 10 economic factors such as net migration, labor market participation and wage gains.
Although job openings remain at record highs with over 9.2 million positions open across the nation, Texas has experienced some of the highest levels of population growth in the country over the last decade, putting the state in a stronger position to fill open jobs.
“Despite the pandemic, people and businesses were already on the move into the Dallas-Fort Worth and Austin areas,” the analysis said, adding that jobs in the two cities have recovered faster as a result of more talent availability.
However, the most recent Texas unemployment rate in June was at 6.5%, significantly higher than many states, according to the U.S. Bureau of Labor Statistics.
Dallas has consistently ranked within the top two best market performing cities this year while Austin has gradually performed better. Net migration, job gains and population growth are the main drivers of the economic progress in both cities.
Denver and Raleigh, North Carolina also ranked within the top five U.S. job markets.
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