Recently, the job market in Houston experienced fluctuations, as many workers in the financial sector lost their jobs, while the region's retail industry added more positions.
According to recent analysis from the U.S. Bureau of Labor Statistics, Houston's financial sector has lost 9,700 jobs during the last three years. In April, the sector's positions declined by 6.1 percent, totaling 134,300. In April 2008, the industry had 144,000 jobs. Currently, Houston ranks 85th for this sector among the largest 100 metropolitan areas.
Despite these losses, the retail sector has showed improved health, the agency's analysis showed. While major markets such as Albany, New York lost 4,700 jobs, Houston added 4,100 during the previous three years. In addition to Houston, Austin and Buffalo's markets showed healthy improvement, adding 2,400 and 1,800 jobs, respectively. In all, eight of the 100 major markets experienced greater retail employment than they did in 2008.
The Labor Bureau's analysis is directly related to Houston's real estate market, as these fluctuations can result in either increased home sales or continued value declines, depending on the trends.
Courtesy of 2M Realty News