CONGRESSMAN HENRY CUELLAR: NATION-WIDE REPORT RANKS LAREDO AS A LEADER IN JOB GROWTH
Washington,
Jan 18 -
Congressman Henry Cuellar (D-Laredo) released the following statement on a report issued from Woods & Poole Economics, Inc., indicating the out of 366 metropolitan statistical areas (MSAs),Laredo, Texas, ranks first for percentage job gains over the decade, with a projected employment growth rate of 2.51 percent over the next ten years.
“Job creation is the lifeblood to restoring our economy and Laredo is on the fast track as a leader in the nation for projected employment rate. This report is a positive indicator that Laredo and Texas are moving in the right direction,” said Congressman Cuellar. “Laredo and its surrounding communities will reap the benefits of a 32,000-employment boost over the next decade that will help counter the nation’s sluggish jobless rate. In turn, this much needed jobs spur will pump more dollars back into the city’s economy.
“The report’s findings are a welcomed sigh of relief not just for Laredo, but for the state of Texas and for the nation,” said Congressman Cuellar.
Background Information:
Laredo is estimated to have a workforce of 145,860 jobs in the area, an increase of over 32,000 jobs through 2022. The projected employment rate growth is 2.51 percent over the next 10 years. The Woods & Poole Economics Inc. report revealed the fastest employment growth rate for the top 25 of the nation’s 366 Metropolitan Statistical Areas, out of which Laredo ranked number one.
The report also shows that the United States economy is expected to add over 25 million jobs in the next decade. According to Woods & Poole, much of the nation's increase in employment over the next decade is forecast to occur in the service industries such as health care, administrative services and professional and technical services. The health care sector is forecast to add the most jobs with an increase of 4.6 million jobs, growing at a rate of 2.18 percent and generating an additional 3.6 billion dollars in earnings. Education employment is expected to add over one million jobs at an average annual rate of 2.62 percent, higher than any other sector. The retail sector is also projected to add 2.6 million jobs.
