We’re Hiring Like Crazy: Why The Dallas Fort Worth Labor Market Is Going To Turn

by | Jul 26, 2021 | Beth's Blog, Special Team's Report | 0 comments

It’s a cliché to say that the pandemic year was different from any other, and don’t be surprised to hear the same thing about 2021 as both descriptions should be accurate. But in DFW, we can say that “We’re Hiring Like Crazy,” because we are! In an article from the Dallas Business Journal, here are some statistics on the current job market.

In Dallas Fort Worth, where job growth feels like a birthright, the region lost nearly 122,000 jobs last year, according to seasonally adjusted data from the Federal Reserve Bank of Dallas. This is the highest annual job loss ever for DFW and 12,000 more than in 2009 during the Great Recession.

But a turnaround has begun as COVID-19 vaccinations rise and people circulate again!

The Dallas Fed predicts that Texas will create 816,000 jobs from December 2020 to December 2021. That would be almost double the nationwide job growth in 2014, the highest annual increase since at least 1940.

If employers make the planned hires, Dallas Fort Worth will likely also set job records. Since 2000, DFW has accounted for 31% of the state’s job gains, and if it held that percentage this year, North Texas would create over 250,000 jobs in 21.

According to the report by researchers at the US Bureau of Labor Statistics, the number of software developers, computer scientists, and web developers will increase by 19% to 26% from 2019 to 2029 under a strong impact scenario.

Demand for hotel clerks, cashiers, reservation agents and restaurant owners is expected to decline in the high double digits over the same decade.

In another report on pandemic effects, Dallas Fed researchers warned of slower employment growth in the short term, particularly due to labor market imbalances.

“For example, the large numbers of workers displaced from the leisure and hospitality industries are unlikely to move easily into growing sectors such as information technology and financial services,” they wrote. “You can more easily find employment in connection with e-commerce, for example in warehouse and parcel services.”

We are fortunate in DFW to be in one of the strongest job markets; “We’re hiring like crazy!” So let’s get back to work and get it done!

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Beth Brake REALTOR®

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