Moving to Austin and looking for a new job? The great news is that Austin’s job market is sizzling hot. Austin’s population is booming and a primary reason is because of its lucrative businesses and high-profile job market. It seems that the number of people converging to Austin for its prospering job market is a reality that was recently announced by the Wall Street Journal. In March, the respected source for all things business in the U.S. and internationally, named Austin as the reigning king of the hottest job market in the country. Austin beat out the country’s 53 largest metro areas with populations over million for the top spot.
To compile the list WSJ used five key metrics: average unemployment rate in 2018, labor-force participation rate in 2018, change in employment and change in labor force for the fourth quarter of 2018 from a year earlier, and change in average weekly wages from the first half of 2017 to the first half of 2018. Divulging deeper into the scoring process, Austin didn’t rank first in any of the five categories. But, it’s complied average of 3% unemployment rate, 4% wage growth, 70.6% labor force participation, 3.5% job growth and 3% labor force growth foraged it to the top. All this is great news for the 152 people that move to Austin daily. However, they’ll have some competition. The city of Austin’s demographer is predicting that the population in 2019 will increase 2.75% more than in 2018.
Austin job market facts you should know
So, what do you need to know about Austin’s job market before you move? Here’s a few quick job market facts as reported by the Greater Austin Chamber of Commerce.
- During a 12-month period ending in February, Austin added 23,800 net new jobs, a growth of 2.3%, making Austin the 11th fastest growing major metro area.
- In addition, during the same period, at 8.2% wholesale trade was Austin’s fastest growing industry. The city’s professional and business services sector added 6,200 jobs, the most over the 12-month period.
- The city’s seasonally adjusted unemployment rate is 3%, down from 3.2% in January.
Austin makes top 15 list of Happiest Cities in America
With jobs plentiful and unemployment low, Austinites have plenty to be happy about. And, it shows. WalletHub, a personal finance website, recently added Austin to its list of the Happiest Cities in America. Austin came in as #14. The study set out to show that it’s not all about money but where you live can impact happiness. They used 31 key indicators like depression rate, income-growth rate, and average daily leisure time to determine what cities housed the happiest people. But, there are other factors that make people happy. Here, in Austin happiness is no snow, an average of 228 days a year with sunshine, world-famous mouth-watering BBQ, and live music. Austin is also home to two major music festivals and SXSW. As a trendy music festival and film conference, SXSW welcomes people from all over the globe.
Companies impacting Austin’s job market
Leading the surge of mainstay companies making an investment in Austin’s future include tech and online retail giants like Apple, Google, Dell Technologies, Amazon, and Oracle. However, Austin’s tech scene is not just attracting the major players. It’s also home to thousands of others. According to statistics published by the Chamber, there are 6,500 tech employers in the Austin metro area. And, 5,500 are tech start-ups which has earned Austin the #2 spot on the Top 10 U.S. Cities for Entrepreneurs and Start Ups in 2018. For a list of the top 50 startups to watch in 2019 click here. Whole Foods Market, the University of Texas, and the job-seeking website company Indeed are also vital to Austin’s job market.
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