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Why Austin? This is why...Austin Unemployment rate lowest in two years

By Laylan Copelin

AMERICAN-STATESMAN STAFF

Saturday, Jan. 21, 2012
http://bit.ly/w39j0y

Texas and the Austin area continued to chip away at their unemployment rates in December, according to the Texas Workforce Commission's monthly jobs report released Friday.

Central Texas' jobless rate fell to 6.3 percent in December, from 6.6 percent the month before, while the state rate declined to 7.8 percent from 8.1 percent in November. The national unemployment rate, by comparison, is 8.5 percent.

Austin's 6.3 percent jobless rate is the lowest in two years.

Last year the Austin area — and Texas as a whole — showed modest job growth at an annual rate of about 2 percent. Texas added 204,500 jobs last year, while the Austin area added 16,100 jobs over the year .

However, the rate of net job growth was negligible for December and well below the annual rates for Texas and the Austin area.

Alan Miller, executive director of the regional arm for the state workforce commission, said he doubts the survey is capturing Austin's growth accurately.

"Personally, I think our local economy is growing and adding more jobs than what is reflected," he said.

For example, he said there have been numerous news reports of software firms expanding or relocating here, but the workforce commission's report reflects zero job growth in the information sector.

"I can't explain that," Miller said.

The data are based on a survey of employers and are updated monthly as well annually. For that reason, the monthly data indicate directions for the economy, but economists tend to favor the annual, corrected numbers.

Miller said the good news is that unemployment rates are dropping and fewer people are filing for jobless benefits.

"Al together, not a bad picture," he said.

Government jobs were a big factor for Texas and the Austin area in December, although for different reasons, according to the report.

Growth in the public sector accounted for half of the 20,200 net jobs that Texas added in December. That increase ended five consecutive months of decline for that sector throughout the state.

State government added 2,100 positions, while local governments around the state grew by 8,800 jobs, according to the workforce commission's data.

It was just the opposite for Austin.

State and local government jobs declined by 2,400 in December, while the leisure and hospitality sector added 2,100 jobs.

Despite the improvement in unemployment rates, 12.6 million Americans remain unemployed. In Texas there are 892,600 without jobs, with an estimated 57,500 Central Texans looking for work.
Published Saturday, January 21, 2012 8:00 PM by Albert Elhage
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About Albert Elhage

I have called Austin HOME for more than 20 years. Living and raising a family in this city is a joy for both my wife and me. Whether you seek an urban, hill country, or lake setting, Austin appeals to a variety of homeowners. For newcomers to the area or those who already call Austin their home and want to make a change, I am happy to show you around and help you decide which neighborhoods best fit your needs. Being a University of Texas at Austin and Texas State University graduate, with a background in geography and environmental planning, I have a genuine appreciation of Austin’s diverse landscape and having lived in different areas of Austin, I am familiar with the unique venues the capital city has to offer. Those I represent, gain from my experience as an Austin Realtor®, whose foremost priority is to HELP YOU buy or sell your home for the best price possible, as quickly as possible. Buying a home is one of the largest and most influential investments we make and customized attention to find that special place is what I offer my clients. Whether you are ready to sell or purchase a home, I welcome the opportunity to represent you. Upon request, I’m happy to provide valuable market information to keep you up to date with the Austin housing market, so that when you are ready to buy or sell, you are well informed, know what to expect, and as a result will have an enjoyable and exciting experience. Are you buying a resale or new home, selling property or investing in Austin? You can depend on me. The relationship between a home buyer or seller and their Realtor® is based on trust, shared goals and understanding. I strive to continually meet expectations by listening and taking clients’ real estate needs and wants into consideration and by providing guidance and experienced insight into the Austin market. I look forward to helping you BUY, SELL, and SAVE.