Fears that 2015 would find Texas struggling to keep its economy afloat due to falling oil prices have been assuaged thanks to two recent reports. The Federal Reserve Bank of Dallas has found that Texas' economic situation continues to improve, bolstered by gains in manufacturing and the service sector.
The Texas Manufacturing Outlook Survey showed that the state production index spiked to a level of 15.8 in December, more than doubling the 6.0 reading from the prior month. This growth suggests an acceleration of statewide manufacturing, and is a positive indication for the broader economy, as payrolls continue to expand.
In fact, according to CareerBuilder's annual job forecast, many companies in Texas report plans to add to their payroll in 2015. The report showed that 36 percent of employers expect to add full-time, permanent employees in 2015, up from 24 percent last year. This represents the most positive survey outlook since before the recession in 2006.
"The U.S. job market is turning a corner as caution gives way to confidence," CareerBuilder CEO Matt Ferguson was quoted as saying in the report. "The amount of companies planning to hire in 2015 is up 12 percentage points over last year, setting the stage for a more competitive environment for recruiters that may lend itself to some movement in wages."
Texas was among other southern states that showed the most improved confidence in hiring, with a 14 percent increase year-over-year. Roughly a third of Texas employers explain that they will onboard full-time employees in 2015.
While falling oil prices continue to present challenges, Texas continues to offer economic opportunities for those that are able to quickly adjust to changes in the market. Change management consulting can help ensure that your organization enters 2015 with renewed optimism and confidence.