Austin, Texas: The unemployment rate in the Austin-Round Rock MSA dropped marginally between August 2023 and September 2023, reaching 3.6%** with 52,275 unemployed residents, according to data supplied by the Texas Workforce Commission.
Key takeaways
- In September, the national unemployment rate (3.6%) and the Austin metro unemployment rate (4.1%) are both the same.
- TWC reports that during August and September, the Austin metro area added 11,500 new employment. With an average yearly growth rate of 3.3%, the region has added 42,200 jobs overall since September 2022.
- Additionally, TWC notes that from August to September, the Capital Area/Travis County region*** had a modest decline in unemployment, amounting to 30,666 unemployed persons, to 3.6%.
Industry-specific Job Gains/Losses in September for the Austin-Round Rock MSA:
- Monthly Increases: From August to September, the following industries saw increases in regional employment: government (6,500 jobs), trade, transportation, and utilities (1,700 jobs), and professional and business services (1,700 jobs).
- Leisure and hospitality (1,000 jobs) and private education and health services (1,500 jobs) are two other areas that had a rise in employment each month.
- Monthly Decreases: From August to September, there were employment losses in the region in the information sector (-400), manufacturing (-300), financial activities (-100), and other services (-100).
- Annual Increases: Mining, logging, and construction saw a 6.6% rise in jobs over the previous 12 months, while leisure and hospitality saw the biggest gain (7.0%).
- Other services (5.7%), manufacturing (3.5%), professional and business services (3.5%), and private education and health services (3.5%) are some other areas that saw annual job increase.
- Annual Decreases: Between September 2022 and September 2023, information (-1.3%) fell annually.
Workforce Solutions Capital Area is bringing together influential leaders as the Austin-San Antonio metroplex grows to make sure the area is readying the labor force needed to sustain this expansion. A regional strategy was presented at the recent Moving Forward: Mobility & Infrastructure Workforce Summit to address the 10,000 new jobs in mobility and infrastructure that the megaregion needs to fill each year in order to finish planned projects.
As informed investors, we should understand the risks associated with real estate investing and that there is no guarantee. Please do your due diligence.
