The Austin Chamber has released their monthly Austin Job Growth and Unemployment report for August with results worth noting for both job seekers and employers. Austin added 30,000 net jobs over the 12 months ending in July, earning a number 11 spot on the list of the fastest-growing major metro areas.
Highlights to note:
- Austin’s seasonally adjusted unemployment rate has fallen slightly, from 3.0% in June to 2.8%
- The fastest growing industry in the Austin MSA was wholesale trade, gaining 14.3% (7,400) jobs over the past 12 months.
- The leisure and hospitality industry added the most jobs over the past 12 months with 7.2% in growth and 9,200 jobs.
Austin’s Growth Trend Continues
The Austin MSA narrowly missed the top ten fastest growing among the top 50 metro areas. Austin’s 2.9% change in nonfarm payroll jobs from July 2017-2018 earned the city a number eleven spot on the list. Texas metro areas Dallas and Houston ranked fifth and sixth respectively, and Orlando, FL took the top spot with a 4.3% increase in jobs. Fort Worth and San Antonio ranked 13th and 36th respectively.
Job Growth in Private and Public Sectors
Private sector job growth over the past 12 months in the Austin MSA was 3.8%, with growth in all private industry divisions except education and health services. Austin’s private sector growth has been sizeable, with a healthy percentage increase and 32,200 added jobs. Austin’s private sector growth beats out most other metro areas in the nation. The state of Texas saw net private sector job growth of 3.7% over the past 12 months. All private industries except information added jobs between July 2017 and July 2018.
In the public sector, Austin saw job 2,200 jobs lost. Additionally, government sector job loss brought Austin’s overall job growth rate down to 2.9%. The government sector accounts for 16% of total state employment.
Austin continues to have unemployment rates below the national average coming in at 3.1%. This rate is down from 3.3% one year ago. The national unemployment rate is currently 4.1%, down from 4.6% in July 2017. Seasonally adjusted, Austin’s July unemployment rate is 2.8%.