Austin Unemployment Rate Still in Decline
Austin has long been known for its incredibly low unemployment rate, particularly in the last half decade, when residents of other cities have struggled in the face of lay-offs and high unemployment. In fact, much of Austin's decades-long population boom can be attributed to Austin's job market. Incredibly, however, Austin's falling unemployment rate continues to tumble even lower.
In July of 2012, the Austin, Texas unemployment rate was 5.9 percent, which fell to 5.6 percent just one year later. Even more astonishing, is the tumble to 5.2 percent in just one additional month, August 2013. Although actual numbers increased by 300 unemployed people from July to August, Austin has continued to add new residents who seek the city's awesome job market. With a national unemployment rate of 7.3, it's still a reason to celebrate.
Statewide, nonfarm employment decreased by 6,400 jobs from July 2013 to August 2013, although this was probably just the system leveling itself out after 36,800 jobs were added in the previous months. As of August 2013, the state of Texas had added 58,200 jobs in the professional and business industry alone, one of Austin's fastest-growing industries.
Unemployment rates in the Austin metropolitan area now sit squarely in that sweet spot between inflation and restriction of consumer spending. Most economists agree that an ideal range is between 4 and 6 percent, and Austin can't get much closer to ideal.