Austin Real Estate News- Labor Market is Hot

October 30, 2007

Austin Labor Market is HotAccording to the Texas Workforce Commission and Bureau of Labor Statistics, Austin’s labor stats are outperforming the Texas averages, and nearly allother major metropolitan areas.  Read until the end to find out WHY this is real estate news…

***Ranking SECOND in Texas only to the McAllen area, Austin’s EMPLOYMENT GROWTH RATE is at an impressive 3.5% while overall, Texas experienced 2% growth rate over the last 12 months.  The misconception of big city equals big employment is simply false and as Austin job creation numbers consistently rise, chances are you’ll be here soon if you’re not already!  Other metropolitan areas that had impressive numbers were Houston and Dallas, both at 2.6% growth, Waco at 2.4% and Midland at 2.5% employment growth rates.

***Austin’s UNEMPLOYMENT RATE is also declining.  Raking FOURTH in Texas after Midland-Odessa (3.25% unemployment), Lubbock (3.5%), and Amarillo (3.5%), Austin has only a 3.7% unemployment rate which is very impressive considering the state unemployment rate is 4.4% while the nation experiences 4.7% unemployment.

**************
I know, I know- you’re asking how this is real estate news.  It is- these numbers are taken into account by three different groups that are important to you whether you are buying or selling property in Austin:

INVESTORS: when scouting new locations, investors look not only at unemployment rates and employment growth rates but at job diversity to support meaning we can lose more than one industry and our economy still hums right along.  Austin is the nation’s second silicon valley (Dallas being the silicone valley!) but is also supported by an increasingly strong retail market, health industry, and banking sectors. 

EMPLOYERS: numerous companies are packing up their California plants or headquarters and heading for Austin which is a much less expensive location to operate in yet still offers a similarly beautiful landscape with endless entertainment and venues that are attractive to employees.

REGULAR JOES: the job growth rate is an indicator of the strength of the Austin housing market.  When our city has attractive numbers, it creates a vibrant relocation market which in turn creates a demand for housing which is good news for sellers.  For buyers looking at Austin and comparing it to other cities that they are considering relocating to (including many of our readers, hint hint), these numbers are a major draw for Austin.

So great news Austin- we’re hot!

Random Posts

Hen Pecked by Lani, Asset Director | Filed Under About Austin, Austin Real Estate Blog, Buying, Investing, Selling 

People Reactions

Got something to say?