Austin third fastest-growing major metro city according to jobs report
Austin added 34,900 net new jobs or 3.8 percent in the 12 months ending in December making Austin the third fastest-growing major metro in the U.S. according to a Jan. 22 release of preliminary payroll jobs numbers by the Texas Workforce Commission (TWC) and the U.S. Bureau of Labor Statistics (BLS).
Dallas and San Antonio followed Austin at sixth and seventh fastest growing. The other two major Texas metros missed the top 10. Fort Worth grew by 1.5 percent (39th) and Houston grew by 0.8 percent (46th) between December 2014 and December 2015.
Austin’s seasonally adjusted unemployment rate is 3.2 percent improved from 3.3 percent in November.
Average annual job growth in Austin in 2015 appears to have been more moderate than the preceding few years according to a January economic report by the Austin Chamber of Commerce. Growth was 4.0 percent or more in 2012 2013 and 2014.
However new updates to an alternative jobs series hint at more robust growth.
Benchmark revisions due in March might ultimately boost the year’s relative performance.
For the year ending in December private sector job growth in the Austin MSA is 4.4 percent or 33600 jobs and with all private industry divisions but manufacturing contributing to the growth. Austin’s sizable government sector (nearly 19 percent of jobs) saw modest growth over the last 12 months gaining 1300 jobs or 0.8 percent thus bringing the overall job growth rate to 3.8 percent.