Austin is Still Shining Bright
The Austin chapter of Entrepreneurs’ Organization today announced results from the latest Global Entrepreneur Indicator, showing that Austin business leaders have experienced strong growth — far outpacing the global average — and expect continued success going into the second half of 2014.
The biannual report surveys more than 9500 member entrepreneurs from around the globe, uncovering trends across a variety of performance-related metrics, including hiring, revenue growth and overall confidence in the business environment.
Highlights from the Austin survey, in comparison to global responses, include:
- 84% of Austin entrepreneurs plan to make additional full-time hires in the next six months, compared to 67% globally.
- 82% of Austin respondents have experienced an increase in revenue in the last six months, with 97% expecting continued revenue growth in the coming six months. Globally, 68% experienced recent revenue growth, and 83% expect future growth.
- 93% of Austin business owners would consider starting another business, compared to 84% globally.
Its an impressive showing. BP3 has certainly been participating in this trend, and nothing makes me prouder than when our hiring counteracts another company’s layoffs. But it is more than just the EO survey, it is showing up in real hiring numbers according to the Austin Business Journal:
A surge in hiring has brought Austin’s unadjusted unemployment rate to a low of 4.4 percent in March from 4.8 percent in February, according to the Texas Workforce Commission.[…]
Statewide, the adjusted unemployment fell to 5.5 percent in March, down from 5.7 percent in February.
Nationally, adjusted unemployment remains at 6.7 percent, and gains in job creation have been offset by a growing labor force.
I don’t know how Austin is able to maintain a 1-percentage-point lead over Texas, and a 2 percentage-point lead over the USA generally. This relationship has held for several years now (perhaps as far back as 2009 or 2010). You’ll really notice the tight employment market when you try to contract out for skilled construction work or for software talent!