Metro San Antonio's unemployment rate fell in October, helping push the state's jobless rate to an all time low, News Radio 1200 WOAI reports.
Even though the metro San Antonio labor force grew by some 4,000 between September and October, as more people moved to the area, the unemployment rate dropped to 3.1%, nearing its all time low.
San Antonio's unemployment rate was lower last month than metro Dallas or Houston.
Economists generally consider 4% unemployment to be 'full employment,' due to the usual churn in the work force, with employees on family or pregnancy leave, or voluntarily changing jobs. Lower than 4%, the economy reaches a point where employers have difficulty finding workers available, especially for highly skilled positions.
The statewide unemployment rate did set a record in October at 3.7%. That's the lowest since the state began keeping monthly employment records back in 1976
."Texas continues to lead the nation in job and business growth, and as the result of our booming economy, unemployment numbers have fallen to a new record-low," Gov. greg Abbott said. "This is not by accident — lowering taxes, removing regulatory barriers, and investing in our workforce and education system are the key to our successes. As Governor, I remain committed to ensuring that Texas stays the most prosperous state in the nation."
Texas has gained 32,000 new jobs just int he past month, and 384,000 new jobs in the past year, the most of any state.