MISSION EDC: Jobless rate lowest August in 8 years; lower than metro area.
The City of Mission recorded its lowest unemployment rate for the month of August in eight years and shows signs of dropping even lower, according to the latest figures provided by the Texas Workforce Commission.
Mission’s jobless rate dropped to 6.1 percent, the lowest since 2007. The City’s unemployment has decreased steadily since it rose to over 10 percent in 2010 in the middle of the recession. Meanwhile, Mission’s overall employment has increased with 30,550 people working in August, according the Workforce Commission.
The 6.1 percent unemployment is lower than July’s 6.4 percent and still better than last August’s 7.3 percent (2014). What does this mean? It means that more people are working and earning wages in Mission and the City continues its long-term positive growth after the recession years.
Alex Meade, Mission Economic Development CEO, said that while a lower unemployment rate alone doesn’t provide a detailed picture of the City’s overall economic vitality, it is a very positive indicator.
“Dropping by nearly a point over last year and coming down even further from July is an indication that we are doing something right, but it also suggests that businesses continue to grow and hire more personnel,” said Meade. “The EDC board, the mayor and city commission continue to provide the right leadership to the economic development corporation, and they understand the tools that it takes to build something great.”
Mission’s unemployment rate is lower than the combined McAllen-Edinburg-Mission metro area’s 7.9 percent. However, the county’s rate, like Mission, is one of the lowest in years. In addition, Mission could see a further decline next month as the jobless rate typically drops by half a point – from August to September – perhaps even down to the mid five percent range.
While the Workforce Commission keeps employment figures for every city, it only produces job industry and job growth data for MSAs. The McAllen metro area in August saw the biggest job growth in the government and education and health services sectors. Texas’ jobless rate for August was 4.4 percent and nationally 5.2 percent.