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Austin’s unemployment rate dropped last month to 3.2 percent, the Austin Business Journal reports.
The Austin area had 1.08 million people in the workforce a year ago in October, and 1.1 million workers this October. The number of available jobs was 1.07 million, compared to 1.04 million a year ago. About 35,000 people couldn’t find jobs in the Austin area.
Texas’ unemployment rate was 4.7 percent in October 2016, compared to 4.5 percent a year ago. Statewide, 13,700 jobs were added last month and 207,500 jobs were added over the past year. The number of jobs in the state has increased for 18 out of the last 19 months. The service industry was the fastest growing sector of the job market, increasing by 2.5 percent and 256,700 jobs. Job sectors that saw a decrease in jobs were mining and logging and manufacturing.
The Austin unemployment rate is tied with the Amarillo area for the best in Texas. Although low unemployment rates are good for salaries, it could slow down the area’s overall economic growth. The total economic growth of the Austin metro slowed down over the last year and a half to 4.9 percent as of August. Compare that to March 2015 when the rate was almost 10 percent. Austin has seen an average annual rate of 6.25 percent since the nineties.
Are you one of the new workers moving to the Austin area? Need help finding an apartment near your office? Give Austin Apartments Now a call today at 512-258-8224. We’re experts at the Austin rental market and can help you find your perfect new home!
According to Curbed Austin, the number of wealthy renters in Austin is on the rise.
Like San Francisco, New York and even, surprisingly, Fort Worth, Austin is seeing an influx of well-off residents who decide to rent rather than buy.
The 2015 American Community Survey found that between 2005 and 2015 approximately 1.2 million households making over $150,000 made the decision to rent in the U.S. The number of renters in that upper echelon increased by 217 percent. Homeownership by the same group only went up 82 percent.
The highest earning renters are mostly in big, dense urban cities like New York and San Francisco, but since 2010 smaller cities are seeing a lot more affluent renters since as well.
Austin is number eight in the number of wealthy renting households for 2014 to 2015 in the nation. Topping the list is Fort Worth, Texas.
Austin has a lot of luxury apartments, but if your budget is more on the beer than the champagne side, Austin Apartments Now can help you find an apartment with the luxury without the price tag. Give us a call today at 512-258-8224 to find the perfect new home for you!