Austin Added 23,800 Jobs in the 12 months Ending in August, making it the 12th Best Performing Job Market in the U.S.

capitol grounds

  • Austin’s government sector saw modest growth over the last 12 months by gaining 800 jobs or 0.5%. Overall, private sector job growth in the Austin MSA was robust at 3.5%, adding 23,000 jobs with all but two private industry divisions contributing to the growth.
  • Texas saw net private sector job growth of 2.7% with all private industry divisions but one adding jobs over the last 12 months. As with Austin, total job growth statewide was lower, 2.4%, due to the relatively slight growth (0.6%) in the government sector, which accounts for 16.5% of total state employment.
  • In the U.S., private sector growth was 2.0% for the 12 months ending in August with all private industries adding jobs. However, overall job growth was a more modest 1.7% because the government sector lost jobs (-0.4%).
  • Total U.S. jobs remain 3.2 million or 2.3% off the peak of November 2007. Jobs in both Texas and Austin peaked a year later. Austin is now 63,400 jobs (8.1%) ahead of its pre-recession peak jobs total. Texas now has 476,100 jobs or 4.5% more than the level seen in November 2008.
  • In Austin:
  • The industry adding the most jobs and seeing the fastest growth was professional and business services, which grew by 7,400 jobs or 5.9% over the last 12 months.
  • Financial activities lost 1,700 jobs or 3.7%. On a year-over-year basis, this industry has seen negative growth five of the last eight months.
  • Manufacturing employment was also down, by 300 jobs from August 2012.
  • In Texas:
  • Construction grew fastest, at 4.9%, and added 42,600 jobs.
  • The next two fastest growing industries both grew by 4.1% Professional and business services grew by 58,600 jobs and leisure and hospitality grew 45,600 jobs over the last 12 months.
  • Information also grew relatively fast, by 3.2% and added 6,300 jobs.
  • Manufacturing’s growth was weakest, only 0.1%.
  • In the U.S.:
  • Professional and business services grew fastest, by 3.4%, and added the most jobs (621,000).
  • Leisure and hospitality, construction and natural resources, and retail trade also grew relatively fast, gaining 3.0%, 2.8%, and 2.7% respectively in the 12 months ending in August.
  • Unemployment:
  • In July, Austin had the fourth lowest rate of unemployment among the 50 largest metros at 5.2%. Austin’s rate one year ago was 5.9%.
  • The rate in July for Fort Worth was 5.9% and 6.1% in Houston.
  • The statewide rate is now 6.3%, compared to 6.9% in August of last year.
  • The August national rate at 7.3% is improved over the rate a year ago of 8.2%.
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