Dallas Area Employment Market Snapshot: March 2024
At a recent conference, a CEO shared, “Whoever wins labor, will win this decade.”? There’s a lot of truth to that. The tight labor market is here to stay. We have 8.425 million open job openings in the country, that’s? 0.7 people for every one job opening. We simply don’t have enough people to fill all of our open positions. And in Texas, things are getting more competitive by the day.
Local Data Impacting Our Employment Market:?
What’s Texas’ employment outlook for 2024?The Texas Employment Forecast predicts a 2% increase in jobs statewide this year, amounting to 283,500 jobs added to Texas’ workforce. (Yahoo News)
Texas’ economy moderates toward more normal growth in 2024. Texas’ economic expansion has downshifted but remains healthy moving through 2024. Employment growth is expected to continue in 2024, albeit at a slower pace and closer to the long-term trend. (Federal Reserve Bank of Dallas)
Irving ranked the second-hardest working city in America. Evaluators used 11 key metrics to rank 116 of America’s largest cities. Washington D.C. topped the list, Dallas came in at seventh, and Austin rounded off the top ten cities at number 10. (WalletHub)
National News Impacting Employment and Hiring:?
Job Gains Continue Among U.S. Small Businesses to Start 2024. Ranked first among top U.S. metros in January, Dallas jumped 1.60 percentage points to 103.30 and has now increased its job growth rate for three-straight months. (Paychex)
Why laying off remote workers is a bad idea. Prioritizing in-person over remote workers is a misguided strategy that may harm companies in the long-run. (Forbes)
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2024 Labor Market Outlook Report: “We’re on the verge of a second roaring twenties—with a twist. As investments in artificial intelligence, green technologies, semiconductors, cloud computing, infrastructure, and domestic supply chains pick up and bear fruit, pent-up demand for labor and business inputs will be unleashed, and the 2020s will become a decade of rapid growth and innovation.” (ZipRecruiter)
Educational requirements are gradually disappearing from job postings. Employers are loosening their formal education requirements as the labor market remains tight and attitudes towards skills-first hiring practices change. (Indeed Hiring Lab)
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