Austin, Texas is a great place to live and work! And, it has been ranked second in the Kenan Institute of Private Enterprise’s 2022’s Fastest-growing U.S. Cities report. Researchers used data from each city’s county-level employment rates and economic output to produce a report that is timelier than the usual annual reports, and more specific to major cities in the United States.
Texas is growing jobs
In more awesome news, job growth in Texas continues to increase. Texas has broken its record for total jobs for the 12th consecutive month. According to the Texas Workforce Commission, jobs in the state are growing at the fastest rate in the nation, with Austin contributing to the boost. Governor Greg Abbott said, “With 49,500 jobs added last month and another new record for total jobs, the Lone Star State shines as a beacon of opportunity. Despite national economic headwinds, Texas grew jobs at the fasted rate in the nation of the past 12 months.”
Unemployment is low
The unemployment rate in Austin remains at 2.8%, under the Texas rate of 3.8% and the national rate of 3.4%. The Austin area gained 14,200 jobs from September to October. According to the governor’s office, the portion of working-age Texans who are employed or are looking for work was 63.6%, which is better than the national rate of 6.2%.
What about tech layoffs?
But it’s not all sunshine and roses, even in Austin. The global economy is poised for a recession, and employers in Austin are making plans. Meta announced a hiring freeze in May, and recently announced a plan to reduce headcount growth. They also don’t plan to move into the downtown high-rise they are leasing in Austin. Other smaller companies in the area are also laying off workers.
What happens next?
There is still a lot of opportunity for workers in Austin. According to economist Mike Patton, investors still view Austin as a good investment. Startups and the entrepreneurial scene remain strong, the economy is diverse, and this makes it resilient. Laid-off workers still have options. The low unemployment rate for Austin means that employers are still struggling with attracting and retaining employees.
Even though some companies are laying off employees, especially in the technology industry, tech companies in Austin are still hiring for critical positions. Austin is in the top ten list of cities where hybrid workers earn $100,000 per year or more. The city boasts a young demographic and Texas is a business-friendly state. Because it is such a desirable place to live, Austin should survive and thrive despite the possible economic storms.
