AQUA BOOK 2016 - Page 13

Unemployment in South Texas (Seasonally Adjusted %) 10 Corpus Christi Brownsville Laredo San Antonio McAllen-Edinburg 8 6 4 2 Jan Feb Mar Apr May Jun | 2014 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun | 2015 Jul Aug Sep Oct Nov Dec Source: TAMU Real Estate Center. Job losses among oil-related industries were more visible in South Texas’s rural communities than in the metro areas. So far only the metro areas of Corpus Christi and Laredo have shown significant increases in unemployment. As in the similar oil episode of the 1980s, San Antonio’s more diversified labor market has continued to expand with declining unemployment. That said, Corpus Christi’s unemployment rate of between 5.0 and 5.5 percent is significantly lower than communities located further south in the Rio Grande Valley, and on a par with Laredo. rates, although a slowdown was also apparent. . . . impact of recent oil market collapse pales in comparison to the similar episode in the mid1980s. Annual Review of South Texas Economy DIVERGING REGIONAL DEVELOPMENTS Due to its high exposure to the oil and gas industry, Corpus Christi posted the sharpest decline after Brownsville, dropping from about 3 percent near the end of 2014 to -1 percent a year later. While the setback in Corpus Christi’s job market seems severe, the impact of recent oil market collapse pales in comparison to the similar episode in the mid-1980s. The large amount of recent industrial project construction has meant the most severe impacts have been lessened in Corpus Christi. Similarly, construction of midstream and downstream (export and transportation) operations and related activity, have meant the overall economy has not been as dramatically impacted. 11