For the six years from January 2009 to December 2014, Texas added 1.2M net jobs (or 16K per month) to its economy. This represented 20% of total net job creation throughout the country over the six-year period ended December 31, 2014.
Surprise! When we saw the March figures where Texas lost 25,400 jobs in one month, it was quite a shock. From January to March 2015, Texas added only 3,700 net jobs, a mere 0.7% of total net job creation throughout the country in the same time period.
These declines are directly and indirectly attributable to the fall in oil prices and drilling – not only in the mining and petroleum industry, but also in the professional and business services, and trade, transportation and utilities industries that service these activities. For a good indicator of the extent on the overall economy related to the decline in drilling, watch the Houston/Texas “oilers.”