Austin and the Economy
Austin’s economy continues to crank right along. While the unemployment crept upward slightly, Austin created more than 34,000 jobs in 2012, more jobs than we’ve created here since 2006.
The commission doesn’t immediately adjust local data to reflect the impact of seasonal workforce trends. However, the Federal Reserve Bank of Dallas on Friday reported a seasonally adjusted unemployment rate of 5.2 percent for the Austin area, up from 5.0 percent in November but still well below the 6.4 percent of December 2011.
Despite the rise, Austin continued to easily best both the statewide and the national unemployment rates. After adjusting for seasonal trends, Texas unemployment fell to 6.1 percent in December, down from 6.2 percent the prior month, the workforce commission said.
The national jobless rate was flat at 7.8 percent in December, according to the U.S. Bureau of Labor Statistics.
About two years ago, Angelou Economics predicted that for the next few years the US would be a good place to be, Texas would be better, and Austin perhaps better still. They were remarkably prescient – even more right than they thought. A couple years ago the prediction was for 5.8% unemployment in Austin – we’re significantly ahead of that total, due in part to the success of new tech firms, which are never forecast very accurately in my judgment, and in part to all the companies that provide services to the influx of new residents.