Austin Economy Continues to Roll by

Well, if there wasn’t enough good news in the BPM sphere, the Austin economy would fill the gap.  Two recent articles drive the point home.

In the first, updated stats show that Austin continues to have an unemployment rate about 1 point lower than Texas, which is about 1 point lower than the national rate:

  • National:  7.7% (down from 7.9%, which is a nice improvement)
  • Texas: 6.4% (seasonally adjusted)
  • Austin: 5.4% in January (seasonally adjusted, comparing to 6.2% in February of 2012!)
  • Austin: 5.4% in February, down from 5.8% in January, with seasonal adjustments removed.

Impressive.  Austin added about 10,000 jobs in the month of February, which is a big uptick in what might otherwise be a slow month sandwiched between the holidays and SXSW.

The state of Texas added 118,000 jobs.

“When looking at Austin, I think that it is impressive that about 10 percent of the state’s employment gains came from a metro area that holds just 5 percent of its population,” said Michael Hennig, economic development program manager at the Capital Area Council of Governments. “This is even more impressive considering all the hiring taking place in West Texas and the Eagle Ford shale right now.”

The national trends aren’t too bad either :

Overall, 42 states added jobs in February from January, and just eight lost jobs. The biggest monthly job gains came in Texas (up nearly 81,000) and California (up more than 41,000).
In the 12 months up to February, Texas gained nearly 294,000 jobs, and California 128,000.

(The numbers cited in this paragraph are seasonally adjusted for Texas, which is why they show lower than the previous article).  Let’s hope the good economic news continues – we see signs of businesses doing well all over Central Texas.