Austin = Jobs
Seasonally adjusted June unemployment rate in Austin is at 4.1%, according to the Austin American-Statesman. The unadjusted rate was 4.4% – a slight increase over May due to the increase in job-seeking when school lets out.
However, according to seasonal adjustments done by the Federal Reserve Bank of Dallas, the local unemployment rate dropped to 4.1 percent in June — down from 4.3 percent in May and reaching to its lowest point in more than six years.
And this continues to compare favorably to the rest of the state and the country:
Statewide, the seasonally adjusted unemployment rate held steady at 5.1 percent, the commission said. The national rate fell to 6.1 percent in June from 6.3 percent in May. For the first time since the recession, no state had an unemployment rate higher than 8 percent.
For several years now, Austin has been about 1 percent point below Texas’ unemployment rate, and Texas has been about 1 percentage point below the nation as a whole. Austin employers added 3500 jobs in June. At BP3 we hired 5 interns for the summer who started in June, and 4 new full-time hires.
Strong private-sector gains more than offset the 1,800 jobs pared by public-sector employers, which typically see payroll reductions at the end of the school year. In particular, the Austin area’s professional, scientific and technical services firms went on a hiring spree in June.
Maybe even more interesting is the performance of Austin relative to what you would expect given national trends:
Based solely on national trends, EMSI found, Austin would’ve been expected to create about 29,000 jobs from 2010 to 2013. Instead, local employers added almost 85,000 jobs.
That difference of roughly 56,000 jobs — Austin’s “competitive effect” — amounted to 6 percent of all the region’s jobs in 2013, the highest percentage of all the country’s large metros.
No surprise to those of us living here. Not that anyone can put their finger on any one thing, but Austin just seems to be the “IT” city lately.
And this, of course, explains why Austin is getting more expensive to find office space, housing, and other basic resources. Hopefully we can keep up with the increased population pressure.