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Austin, the 42nd largest job market, consistently outperforms all other metros. Based on state and national numbers, Austin grew 2.3% year-over-year by creating 17,300 jobs in the last 12 months (or 5% of all jobs created in the U.S.)
Other key points:
§ Total Austin non-farm jobs peaked in November 2008 with 783,400. September 2010 total jobs of 771,200 are only 12,200 off of our peak.
§ At our current trend rate, Austin could be back to its peak employment by May 2011
§ 22 of the 50 largest Metros are now experiencing positive job growth
§ Austin’s 2.3% growth rate compares to 1.0% for Dallas, 0.9% for Fort Worth, 0.7% for San Antonio and 0.1% for Houston
§ Texas jobs have grown 4 months in a row. The state added 166,600 jobs or 1.6% increase.
§ Nationally, 321,000 jobs (0.2%) have been added over the last 12 months. This is the third month of year-over-year growth, following 26 straight months of negative growth.
Link to Chamber Article: http://austinchamber.com/LiveWork/Economic/report.html
Central Texas Economy in Perspective
By Beverly Kerr, Chamber Vice President of Research
October 26, 2010 edition
For the fifth month in a row, Austin takes first place in a ranking of the 50 largest metros based on the percent increase in payroll jobs over the preceding 12 months. (source - US Burea of Labor Statistics)
Friday’s release of September 2010 payroll jobs numbers by the Texas Workforce Commission and U.S. Bureau of Labor Statistics saw Austin sustain growth over 2% year-over-year seen in the previous two releases of this data. Austin has added 17,300 jobs, or 2.3%, over the last 12 months. Job growth is now positive in 22 of the 50 largest metros. (source - Texas Workforce Commission, Current Employment Statistics)
Jobs in Austin are also up from August to September, by 2,700 in the not seasonally adjusted series, however, on a seasonally adjusted basis, the change is slightly negative, by -0.1% or 600 jobs. On the seasonally adjusted basis, Texas jobs are essentially unchanged and the national jobs total also registers a -0.1% drop in September. (Source - Texas Workforce Commission, Current Employment Statistics)
Job losses in this recession peaked at 24,400 (-3.1%) in September of 2009, year-over-year, but steadily narrowed thereafter and reverted to positive, by 0.4%, in April. With Austin’s nonfarm payroll jobs totaling 771,200 in September, the metro remains 12,200 (-1.6%) off the November 2008 peak of 783,400 jobs. If we were to sustain just a 2.3% year-over-year growth rate over the coming months, it would take until May 2011 to surmount Austin’s previous peak for nonfarm payroll jobs.
Austin’s aggregate job gain for September of 17,300 or 2.3% compares to 20,200 or 1.0% for Dallas, 7,800 or 0.9% for Fort Worth, 3,300 or 0.1% for Houston, and 5,800 or 0.7% for San Antonio. September is Texas’ fifth instance in a row of year-over-year job growth. The state added 166,600 jobs or 1.6%. Nationally, 321,000 jobs (0.2%) have been added over the last 12 months. This is the third month of year-over-year growth, following 26 straight months of negative growth. The national year-over-year deficit had been steadily narrowing since September. (Source - Texas Workforce Commission, Current Employment Statistics)
In Austin, four industries lost jobs and seven industries added jobs in the last 12 months (and one industry remained unchanged). The industries that see positive growth are manufacturing, financial activities, professional/business services, education/health services, leisure/hospitality, other services, and government. The most robust gainer in both numbers and rate of growth was leisure/hospitality with 10,100 new jobs, or 12.2%. Three other private industries (professional/business services, education/health services, and other services) also enjoyed above average growth.
Most months in this recession, we’ve attributed the highest job losses and rates of loss to manufacturing and construction/natural resources, but that is not the case in September. The two goods-producing industries combined lost only 400 jobs (-0.5%) in the last 12 months (a small 200-job gain one helping to offset 600 jobs lost in the other. Of the three service-providing industries with negative growth, retail lost the greatest number, 1,900 jobs (-2.3%) and information lost at the greatest rate, -3.1% (600 jobs). Private service-providing industries, with both gainers and losers, have seen a net gain of 14,700 jobs (2.9%) over the last 12 months, while government has seen a gain of 3,000 jobs (1.8%). (Source - Texas Workforce Commission, Current Employment Statistics)
Statewide, jobs in both manufacturing and construction/natural resources are up from one year ago—the former by 2.9% and the latter by 2.0%. Texas has been adding manufacturing jobs each month since February. Steady manufacturing job losses began in the summer of 2008 and the state remains 87,400 jobs or 9.4% below June of 2008. Construction/natural resources has also been adding jobs since February but jobs in the industry remain nearly 124,800 or 13.6% below their fall 2008 peak.
Texas’ largest gains occurred in professional/business services (3.9%) and education/healthcare (3.5%). As in Austin, the greatest rate of loss was in information, which is down by 7.3%. Nationally, the best gains were also in professional/business services and education/health services (2.1% and 2.0% respectively), and the greatest drop was 2.3% in both construction/natural resources and information.
We also now have September unemployment (and labor force and employment) numbers for Texas, local areas in Texas, and the U.S. However, the federal release of this data for all U.S. metros, that we sometimes do a ranking of, will not be available until Wednesday, November 3. (In August, Austin had the fourth lowest rate of unemployment among the 50 largest metros.)
Unemployment numbers for September show Austin’s performance relative to the state and other major Texas metros being sustained. In September, Austin is at 6.8%, while the other major metros range from 7.2% in San Antonio to 8.2% in Houston. The rates are 7.9% in Dallas and Fort Worth. The national rate is 9.2%. Austin’s rate one year ago was 7.2% and Dallas and Fort Worth’s rates are 3 to 4 points below last September. Houston and San Antonio’s rates are at or about the level of a year ago. Texas rate, now 7.9%, was 8.1% this time last year. (Source-Texas Workforce Commission, Current Employment Statistics)
On a seasonally adjusted basis, Austin’s September unemployment rate is also 6.8%, down from 7.0% in August. Texas’ other major metros seasonally adjusted rates are also each down by two to three points from August. The state’s rate is 8.1%, down from August’s 8.3%. The seasonally adjusted national rate is 9.6%, unchanged from August.
With Austin’s unemployment rate reduced over one year ago, the number unemployed has is also dropped. In September 2009, Austin’s unemployed was 64,329, and has now dropped to 61,923. There are 6,560 fewer unemployed in Austin now compared to the peak reached in January. Civilian labor force (employed plus unemployed) increased by 23,903 or 2.7% in the last 12 months and persons employed increased by 26,309 or 3.2%. Texas is also showing growth in employed (1.3%) as well as labor force (1.6%). Nationally, both civilian labor force and employed are above the levels of a year ago by 0.2% and 0.5% respectively. (Source-Texas Workforce Commission, Current Employment Statistics)
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2010 Best Places to Work!
Lake Travis
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