Austin area unemployment rate falls
Many Austin area employers are hiring new workers, which is reflected by the region's declining jobless rate. Homebuyers who explore the market for homes for sale in Austin will find that the region's economy is booming and plenty of opportunities are available for career growth throughout the area.
According to the Texas Workforce Commission, the Austin area's unemployment rate fell 0.1 percent between September 2012 and October 2012. Meanwhile, the region also added 3,400 employees to its civilian labor force during this period.
Austin's role in the Texas economy
As Texas' capital, Austin is a central location for many businesses and job seekers. The 2010 U.S. Census showed that the city was home to roughly 790,000 residents, and the population continues to grow due to the wealth of opportunities available to newcomers.
Austin boasts an unemployment rate below the state's average - 5.3 percent and 6.6 percent, respectively - and has helped the state's economy expand.
"Private sector employers in Texas continue to drive our state’s economic growth, having added 269,000 jobs over the year for an annual growth rate of 3 percent," said Texas Workforce Commission (TWC) Chairman Andres Alcantar. "The Texas economy continues to show strength compared to the national private sector, which has experienced an annual growth rate of 1.8 percent."
The unemployment rate and the housing market
Austin homebuyers come to the region for a variety of reasons, and now might be the ideal time to relocate.
Bloomberg Businessweek reports that some of the lowest mortgage rates on record helped many homebuyers acquire homes in October 2012. In fact, the sale of previously-owned properties approached their highest levels in two years in the United States last month, which is a strong indication that people are taking advantage of lower-than-average mortgage rates.
However, William Wheat, chief financial officer for a U.S. homebuilder, said the home sales increases could be only temporary.
"What we're seeing is improvement off of an extremely low bottom in the housing market," Wheat told the news source. "We're seeing small amounts of job growth right now. We're going to need to see more over the long term. Jobs is the number one driver for housing demand."
The growing workforce in the Austin area shows that this market could continue to thrive over the next few years. Homebuyers who review the opportunities available in the area may find that they can acquire valuable properties in a prosperous region.