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Even as inflation continues to take a toll and the threat of a recession remains, Austin’s job market remains strong
The latest report from the Texas Workforce Commission shows the jobless rate in the Austin metro area decreased slightly from July to August and now stands at 3%.
The 3% unemployment figure represents 40,400 unemployed residents in Travis, Williamson, Hays, Bastrop and Caldwell counties.
The Austin metro area’s annual job growth rate is at 5.3%, and the area has added 62,900 jobs since August 2021, according to workforce data, although the region did see a decline of 3,500 jobs from July to August, according to the report.
In Travis County alone, the jobless rate decreased to 2.9% in August, representing 23,398 unemployed residents.
“The latest data indicates that the Austin metro is the top performing metro for job growth in the United States when compared to the top 50 metros,” said Tamara Atkinson, CEO of Workforce Solutions Capital Area. “Major job growth and low unemployment adds to the challenge of finding candidates to fill numerous new roles.”
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Need for workers not slowing down
Overall, the Austin area has remained a magnet for new companies and residents, with the region’s total nonfarm workforce at about 1.35 million people in August, up nearly 36,000 from last August, according to workforce commission data.
The need for skilled labor — such as health care workers and heating and air conditioning repair technicians — has been particularly challenging, as local businesses scramble to keep up with the growing demand for services that has accompanied the area’s big population gains.
“Job creation in Austin is increasing faster than we have the workforce,” Atkinson said. “It outpaces the national job growth pace. When local employers say they are having challenges filling jobs, that is real. We can see it in the data.”
Austin’s current jobless rate signals how far the recovery has come since the COVID-19 pandemic hit. Unemployment hit a pandemic high of 12% in April 2020.
After that peak, the jobless rate spent months hovering in a monthly range of about 5% to 6%, which was roughly double pre-pandemic levels since the area’s jobless rate had been 2.6% in February 2020.
The Austin metro area’s unemployment rate remains below that of Texas as a whole, which was at 4.2% in August, and the national rate of 3.8%. In August, Texas added a total of 16,400 nonfarm jobs. For the 10th consecutive month, the state set new employment highs as total nonfarm employment reached 13,530,100. Texas has added a total of 726,900 positions since August 2021, the report said.
Austin’s leisure and hospitality sector, which was pummeled by the pandemic and is still recovering, experienced the greatest regional job growth over the past 12 months, with an employment increase of 13%.
The service sector accounts for nearly 70% of the state’s economy and employs about 8.6 million workers, according to the Dallas Federal Reserve.
Other industries that have seen regional job growth over the past 12 months include manufacturing, education, health services, and professional and business services, which are all up about 8%.
Even with the positive performance, looking ahead there is uncertainty, said Waco economist Ray Perryman.
“Austin and the Central Texas area certainly won’t be immune to the national situation, and it looks increasingly like a significant slowdown. Although maybe not a major recession, there is the inevitable outcome of trying to get a handle on inflation and workforce challenges and dealing with other disruptions from the pandemic,” he said.
But whatever comes, Austin is prepared to weather the storm, he said.
“The Austin area is one of the strongest-performing regions of what is one of the best-performing states,” Perryman said. “If anywhere is set to minimize the effects of the ongoing transition, it’s Central Texas.”
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Manufacturing, industrial boom continues
Central Texas is currently undergoing a manufacturing boom, led in part by electric automaker Tesla, which has made Austin its headquarters. The company opened a $1.1 billion manufacturing facility in southeastern Travis County, where it has begun production of its Model Y electric SUVs.
In addition, tech giant Samsung picked a site near Taylor to build a $17 billion semiconductor manufacturing facility. According to documents filed with the state, Samsung is considering building 11 new chipmaking facilities in the Austin area over the next two decades, a move that could lead to nearly $200 billion in new investment and create more than 10,000 jobs.
Meanwhile, more than 8 million square feet of industrial space is under construction in Central Texas, according to Colliers, a commercial real estate brokerage firm.
Millions more square feet are in the planning stage, although industry experts say it remains to be seen if all of those projects get built.
By the end of next year, 21 million square feet of industrial space is expected to be added to the Austin market, according to Colliers, which said 48 buildings are under construction, including six of more than 300,000 square feet or larger.
The surge in the Austin area’s industrial sector is a good sign for the region’s economy, Perryman said.
“A vibrant industrial sector is essential to long-term prosperity, bringing in investment and generating new jobs,” Perryman said.
Workforce Solutions Capital Area was recently awarded $500,000 in grants to expand local apprenticeship programs in manufacturing, technology and healthcare industries. The goal is to help Travis County workers achieve certification and on-the-job training, which also helps employers fill their middle-skill roles with qualified local talent.
The organization is currently launching apprenticeships in industries including tech and healthcare.
“A data scientist can earn an average of $123,600 annually and an advanced degree is not a requirement, so we want to make sure our community is aware of these career options and how to access them,” said Melanie Flowers, board chair for Workforce Solutions Capital Area.
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