Dallas Area Employment Market Snapshot: May 2024
There is a lot of speculation about what impact AI will have on employment in some sectors. This recent survey in Dallas reveals some early results that should put many minds at ease. The majority of employers reported it had no impact on the number of workers or it impacted the type of worker but not the quantity. Score one point for humans!?
Local Data Impacting Our Employment Market:?
Texas manufacturing sector indicators are mixed in April. Factory output strengthened slightly, but other measures of manufacturing activity were varied. (Federal Reserve Bank of Dallas)
How much money do you need to earn in 2024 to afford a home in Dallas? The income needed to comfortably afford a home is up 80% since 2020, while median income has risen 23% in that time. (Zillow)????
Texas economic activity expanded at a modest pace in April. While the manufacturing sector rebounded, the service sector slowed. Overall, the outlook remains positive, and Texas firms expect stronger activity in the coming six months. (Federal Reserve Bank of Dallas)
National News Impacting Employment and Hiring:?
The great talent grab: More people who recently switched jobs say they were approached by a recruiter instead of applying themselves. (Fortune)
Many businesses are proactively seeking out the talent they want, rather than posting jobs and waiting for candidates to apply. 46% of employees say they were actively recruited, and 24% say they received a counter offer from their current employer. (ZipRecruiter)
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US manufacturing could need as many as 3.8 million new employees by 2033. Roles like statisticians, data scientists, engineers, logisticians, computer and information systems managers, software developers, and industrial maintenance technicians are likely to grow at the fastest pace. 65% of respondents said attracting and retaining talent is their primary business challenge. (Deloitte)
Gen Z is abandoning conventional 9-to-5 corporate jobs for more diverse, flexible careers in freelancing. Upwork’s findings highlight Gen Z’s motivations behind freelancing and career expectations, helping businesses understand where this talent is concentrated so they can adapt and effectively leverage top talent. ?(Upwork)
Is remote work compatible with a company's long term growth? Take a closer look at why despite the upsides of remote work, the benefits of face-to-face interaction tip the scale toward an in-office workplace. (Forbes)
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