Houston Area Economic Summary - Bureau of Labor Statistics

Houston Area Economic Summary

Updated January 10, 2024

This summary presents a sampling of economic information for the area; supplemental data are provided for regions and the nation. Subjects include unemployment, employment, wages, prices, spending, and benefits. All data are not seasonally adjusted and some may be subject to revision. Area definitions may differ by subject. For more area summaries and geographic definitions, see regions/economic-summaries.htm.

Unemployment rates for the nation and selected areas

Unemployment rates

Average weekly wages for all industries by county

Houston area, second quarter 2023 (U.S. = $1,332; Area = $1,428)

United States

3.4

3.5

Houston area

3.9

3.8

Fort Bend Co.

3.8

3.6

Galveston CO.

4.1 3.8

Harris Co.

4.0

3.8

Montgomery Co.

3.7

3.6

0.0

2.0

4.0

6.0

Nov-22 Nov-23 Source: U.S. BLS, Local Area Unemployment Statistics.

Source: U.S. BLS, Quarterly Census of Employment and Wages.

Over-the-year changes in employment on nonfarm payrolls and employment by major industry sector

12-month percent changes in employment

12.0

10.0

8.0

6.0

4.0

2.0

0.0

-2.0

-4.0

-6.0

-8.0 Nov-20

Nov-21

Nov-22

Nov-23

Houston area

United States

Source: U.S. BLS, Current Employment Statistics.

Houston area employment (number in thousands)

Change from Nov. Nov. 2023 2022 to Nov. 2023

Number Percent

Total nonfarm

3,404.4

77.8

2.3

Mining and logging

69.8

2.5

3.7

Cons tructi on

218.4

-4.9

-2.2

Ma nufa cturi ng

234.2

6.2

2.7

Trade, transportation, and utilities

710.2

18.3

2.6

I nforma ti on

33.0

0.0

0.0

Financial activities

188.8

6.9

3.8

Professional and business services

564.8

10.5

1.9

Education and health services

461.8

23.4

5.3

Leisure and hospitality

347.2

4.3

1.3

Other services

118.5

1.3

1.1

Government

457.7

Source: U.S. BLS, Current Employment Statistics.

9.3

2.1

Over-the-year change in the prices paid by urban consumers for selected categories

12-month percent change in CPI-U, October 2023

6.0

4.0

3.0 3.2

4.9 3.3

2.0

0.0

-2.0

-4.0

-6.0

-4.5

-8.0

-10.0

-8.3

All items Houston area

Food

Energy

U.S. city average

Source: U.S. BLS, Consumer Price Index.

Over-the-year changes in the selling prices received by producers for selected industries nationwide

12-month percent changes in PPI

35.0 30.0 25.0 20.0 15.0 10.0

5.0 0.0 -5.0 -10.0 -15.0

Nov-20

Nov-21

General freight trucking

Nov-22 Hospitals

Nov-23

Marine cargo handling Source: U.S. BLS, Producer Price Index.

Average annual spending and percent distribution for selected categories

Average annual expenditures, United States and

Houston area, 2021-22

100% 80% 60%

$16,222 $$$657,,,820451964

$12,168 $8,308 $5,651 $8,818

40%

$13,658

$11,645

20%

$24,773

$23,462

0% Houston area All other items

United States

Personal insurance & pensions

Healthcare

Food

Transportation

Housing

Source: U.S. BLS, Consumer Expenditure Survey.

Average hourly wages for selected occupations

Occupation All occupations

Houston area

United States

$29.11 $29.76

Human resources managers

70.06 70.07

Accountants and auditors

45.35 41.70

Registered nurses

42.73 42.80

Construction laborers

18.56 22.29

Retail salespersons

16.04 16.70

Cooks, fast food

11.06 13.43

Source: U.S. BLS, Occupational Employment and Wage Statistics, May 2022.

Employer costs per hour worked for wages and

Over-the-year changes in wages and salaries

selected employee benefits by geographic division

Private industry,

West South United

12-month percent changes in ECI

September 2023

Central (1)

States

7.0

Total compensation Wages and salaries Total benefits Paid leave Vacation

$36.22 $41.53

6.0

26.42

29.34

5.0

9.80

12.19

2.53

3.09

4.0

1.30

1.59

3.0

Supplemental pay

1.38

1.55

2.0

Insurance

2.25

3.04

Retirement and savings

1.03

1.41

Legally required benefits

2.61

3.11

(1) The states that compose the West South Central census division are: AR, LA, OK, and TX.

1.0

0.0 Sep-20

Sep-21 Houston area

Sep-22

Sep-23

United States

Source: U.S. BLS, Employer Costs for Employee Compensation.

Source: U.S. BLS, Employment Cost Index.

Southwest Information Office ? BLSinfoDallas@ ? ? 972-850-4800

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