Why does the jobless rate in Austin continue to fall?
Austin's economy is improving, which is reflected in recent data regarding the city's unemployment rate. Those who are considering some of the homes for sale in Austin can take solace in the fact that the city's job market has shown continuous growth over the past few months.
The Austin American-Statesman reports that the city's jobless rate fell to 5.3 percent in September 2012. Austin's current unemployment rate fell 0.6 percent on a month-over-month basis and 1.1 percent when compared to the same period last year.
September has been a strong month for job growth in the metro in nine of the last 10 years. The news source points out that Austin-area companies collectively brought an average of 2,544 new jobs in every September since 2002 - the lone exception being 2006, a year when local companies added a larger-than-average number of jobs.
"What we're seeing is that steady job growth and steady population growth keeping us out ahead of everybody else," Alan Miller, executive director at Workforce Solutions Capital Area, told the news source.
Texas saw its overall hiring increase, as the state added 21,000 positions last month. Austin is one of many metros that contributes to the Lone Star State's economy, but distinguishes itself from other regions for its economic success in several areas.
The reasons for Austin's strong economy
Education and local government jobs are contributing to the lowest jobless rate in Austin in nearly four years. Employers added 3,500 of these positions last month, which is a 4.3 percent increase from August.
Additionally, Austin's healthcare sector continues to play a role in the region's economic success. Companies in the city hired 1,300 workers for healthcare jobs - a 5.3 percent increase from September 2011.
Greg Hartman, CEO of Seton Medical Center Austin, said that he feels the city's workforce is quickly changing.
"Our staffing profile is changing somewhat, and I think that will be a long-term thing," Hartman told the news source. "Some old jobs are going away and some new jobs are coming in."
The U.S. Census Bureau states that Austin's population rose at a higher rate than that of the state as a whole between April 1, 2010, and July 1, 2011 - 3.8 percent compared to 2.1 percent, respectively. Austin's economic success could draw more residents and businesses to the area, and these contributors may help the economy thrive for years to come.