February 24, 2025 • 3 mins
The job market in Austin is characterized by strong employment growth and a low unemployment rate. As of December 2024, Austin's unemployment rate stood at 2.9%, which is lower than the state and national rates of 4.2% and 4.1%, respectively. This rate has been steadily low, with a long-term average of 4.22%, indicating a robust labor market.
The employment landscape in Austin has seen significant growth, particularly in the last year. The city added 56,300 jobs over the 12 months ending in June 2023, with a growth rate of 4.4%, making it one of the top-performing metros in the country. Major industries driving this growth include leisure and hospitality, which grew by 6.6%, and professional and business services, which increased by 6.5%. Construction and natural resources also saw notable growth, with a 5.5% increase.
Key statistics highlight the health of the job market. The average hourly wage in Austin was $35.15 in November 2024, with a year-over-year growth of 4.5%. Employment growth was broad-based, with significant gains in government and construction sectors, although leisure and hospitality and manufacturing saw slight declines.
Trends indicate that Austin's job market is expected to remain strong in 2025, with forecasts suggesting continued employment growth. The Austin Business-Cycle Index, a measure of economic activity, grew an annualized 5.9% in December 2024, reflecting the city's economic vitality.
Major industries in Austin include technology, healthcare, and education, with significant employers such as Dell, Google, and the University of Texas. Growing sectors also include financial activities, although at a slower pace of 1.3%, and retail trade, which grew by 2.6%.
Recent developments show that Austin's labor force grew an annualized 7.5% in December 2024, outpacing state and national growth rates. Home prices and inventories have risen, and single-family housing permits increased in December, though they were down for the entire year of 2024.
Commuting trends indicate that 30% of renters in Austin commute from Bexar County, reflecting the city's expanding housing market challenges. The average rental rate is around $1,394, with a 7% decline in rents due to overbuilt multifamily housing.
Government initiatives focus on supporting economic growth and addressing labor market needs. However, specific details on current initiatives are limited in the available data.
In conclusion, Austin's job market is strong, with low unemployment, significant job growth, and rising wages. Key sectors such as leisure and hospitality, professional services, and construction are driving this growth.
Current job openings include positions such as Software Engineers at companies like Google, Registered Nurses at hospitals like St. David's Medical Center, and Construction Managers with various development firms.
Key findings highlight Austin's robust economic performance, low unemployment, and broad-based job growth across multiple sectors.
The employment landscape in Austin has seen significant growth, particularly in the last year. The city added 56,300 jobs over the 12 months ending in June 2023, with a growth rate of 4.4%, making it one of the top-performing metros in the country. Major industries driving this growth include leisure and hospitality, which grew by 6.6%, and professional and business services, which increased by 6.5%. Construction and natural resources also saw notable growth, with a 5.5% increase.
Key statistics highlight the health of the job market. The average hourly wage in Austin was $35.15 in November 2024, with a year-over-year growth of 4.5%. Employment growth was broad-based, with significant gains in government and construction sectors, although leisure and hospitality and manufacturing saw slight declines.
Trends indicate that Austin's job market is expected to remain strong in 2025, with forecasts suggesting continued employment growth. The Austin Business-Cycle Index, a measure of economic activity, grew an annualized 5.9% in December 2024, reflecting the city's economic vitality.
Major industries in Austin include technology, healthcare, and education, with significant employers such as Dell, Google, and the University of Texas. Growing sectors also include financial activities, although at a slower pace of 1.3%, and retail trade, which grew by 2.6%.
Recent developments show that Austin's labor force grew an annualized 7.5% in December 2024, outpacing state and national growth rates. Home prices and inventories have risen, and single-family housing permits increased in December, though they were down for the entire year of 2024.
Commuting trends indicate that 30% of renters in Austin commute from Bexar County, reflecting the city's expanding housing market challenges. The average rental rate is around $1,394, with a 7% decline in rents due to overbuilt multifamily housing.
Government initiatives focus on supporting economic growth and addressing labor market needs. However, specific details on current initiatives are limited in the available data.
In conclusion, Austin's job market is strong, with low unemployment, significant job growth, and rising wages. Key sectors such as leisure and hospitality, professional services, and construction are driving this growth.
Current job openings include positions such as Software Engineers at companies like Google, Registered Nurses at hospitals like St. David's Medical Center, and Construction Managers with various development firms.
Key findings highlight Austin's robust economic performance, low unemployment, and broad-based job growth across multiple sectors.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
This is your Austin Job Market Report Daily podcast, and
here is what we know for today. The job market
in Austin is characterized by strong employment growth and a
low unemployment rate. As of December twenty twenty four, Austin's
unemployment rate stood at two point nine percent, which is
lower than the state and national rates of four point
two percent and four point one percent, respectively. This rate
(00:22):
has been steadily low, with a long term average of
four point two two percent, indicating a robust labor market.
The employment landscape in Austin has seen significant growth, particularly
in the last year. The city added fifty six thy
three hundred jobs over the twelve months ending in June
twenty twenty three, with a growth rate of four point
four percent, making it one of the top performing metros
(00:45):
in the country. Major industries driving this growth include leisure
and hospitality, which grew by six point six percent, and
professional and business services, which increased by six point five percent.
Construction and natural resources also saw notable growth growth with
a five point five percent increase. Key statistics highlight the
(01:05):
health of the job market. The average hourly wage in
Austin was thirty five dollars fifteen cents in November twenty
twenty four, with a year over year growth of four
point five percent. Employment growth was broad based, with significant
gains in government and construction sectors, although leisure and hospitality
in manufacturing saw slight declines. Trends indicate that Austin's job
(01:26):
market is expected to remain strong in twenty twenty five,
with forecasts suggesting continued employment growth. The Austin Business Cycle Index,
a measure of economic activity, grew an annualized five point
nine percent in December twenty twenty four, reflecting the city's
economic vitality. Major industries in Austin include technology, health care,
(01:46):
and education, with significant employers such as Dell, Google, and
the University of Texas. Growing sectors also include financial activities,
although at a slower pace of one point three percent,
and retail trade, which grew cru by two point six percent.
Recent developments show that Austin's labour force grew an annualized
seven point five per cent in December twenty twenty four,
(02:09):
outpacing state and national growth rates. Home prices and inventories
have risen, and single family housing permits increased in December,
though they were down for the entire year of twenty
twenty four, commuting trends indicate that thirty per cent of
renters in Austin commute from Bexar County, reflecting the city's
expanding housing market challenges. The average rental rate is around
(02:30):
one thousand, three hundred ninety four dollars, with a seven
percent decline in rents due to overbuilt multi family housing.
Government initiatives focus on supporting economic growth and addressing labor
market needs. However, specific details on current initiatives are limited
in the available data. In conclusion, Austin's job market is strong,
(02:51):
with low unemployment, significant job growth, and rising wages. Key
sectors such as leisure and hospitality, professional services, and construers
instruction are driving this growth. Current job openings include positions
such as software engineers at companies like Google, registered nurses
at hospitals like Saint David's Medical Center, and construction managers
(03:13):
with various development firms. Key findings highlight Austin's robust economic performance,
low unemployment, and broad based job growth across multiple sectors.
And that is it for today. Hit the subscribe button.
This has been a quiet please production with the help
of AI. Thanks for listening.
This is your Austin Job Market Report Daily podcast, and
here is what we know for today. The job market
in Austin is characterized by strong employment growth and a
low unemployment rate. As of December twenty twenty four, Austin's
unemployment rate stood at two point nine percent, which is
lower than the state and national rates of four point
two percent and four point one percent, respectively. This rate
(00:22):
has been steadily low, with a long term average of
four point two two percent, indicating a robust labor market.
The employment landscape in Austin has seen significant growth, particularly
in the last year. The city added fifty six thy
three hundred jobs over the twelve months ending in June
twenty twenty three, with a growth rate of four point
four percent, making it one of the top performing metros
(00:45):
in the country. Major industries driving this growth include leisure
and hospitality, which grew by six point six percent, and
professional and business services, which increased by six point five percent.
Construction and natural resources also saw notable growth growth with
a five point five percent increase. Key statistics highlight the
(01:05):
health of the job market. The average hourly wage in
Austin was thirty five dollars fifteen cents in November twenty
twenty four, with a year over year growth of four
point five percent. Employment growth was broad based, with significant
gains in government and construction sectors, although leisure and hospitality
in manufacturing saw slight declines. Trends indicate that Austin's job
(01:26):
market is expected to remain strong in twenty twenty five,
with forecasts suggesting continued employment growth. The Austin Business Cycle Index,
a measure of economic activity, grew an annualized five point
nine percent in December twenty twenty four, reflecting the city's
economic vitality. Major industries in Austin include technology, health care,
(01:46):
and education, with significant employers such as Dell, Google, and
the University of Texas. Growing sectors also include financial activities,
although at a slower pace of one point three percent,
and retail trade, which grew cru by two point six percent.
Recent developments show that Austin's labour force grew an annualized
seven point five per cent in December twenty twenty four,
(02:09):
outpacing state and national growth rates. Home prices and inventories
have risen, and single family housing permits increased in December,
though they were down for the entire year of twenty
twenty four, commuting trends indicate that thirty per cent of
renters in Austin commute from Bexar County, reflecting the city's
expanding housing market challenges. The average rental rate is around
(02:30):
one thousand, three hundred ninety four dollars, with a seven
percent decline in rents due to overbuilt multi family housing.
Government initiatives focus on supporting economic growth and addressing labor
market needs. However, specific details on current initiatives are limited
in the available data. In conclusion, Austin's job market is strong,
(02:51):
with low unemployment, significant job growth, and rising wages. Key
sectors such as leisure and hospitality, professional services, and construers
instruction are driving this growth. Current job openings include positions
such as software engineers at companies like Google, registered nurses
at hospitals like Saint David's Medical Center, and construction managers
(03:13):
with various development firms. Key findings highlight Austin's robust economic performance,
low unemployment, and broad based job growth across multiple sectors.
And that is it for today. Hit the subscribe button.
This has been a quiet please production with the help
of AI. Thanks for listening.
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