Austin shines as the best city to find a job in Forbes Magazine’s annual survey of the best places for jobs in 2012. Forbes’ survey ranks cities based on employment growth trends, percentage of growth compared to last year, mid-term growth over 5 years, long-term growth over 10 years, and current year growth rates. Based on Forbes’ criteria, Austin is the best city for jobs two years in a row and Austin is showing no signs of giving up its title anytime soon.
According to Business Journal’s On the Numbers, Austin ranks 11th for most job gains in past 12 months adding 20,000 jobs to the Austin economy and growing its workforce by 2.2 percent. In April 2012, Austin’s jobless rate dropped to 5.5 percent (compare to US 8.1 percent), the lowest in three years reports Workforce Solutions in their current labor market report. In another survey done by Adecco Staffing U.S. Austin places 2nd for best cities to find work.
How did Austin become the best city for jobs?
Harboring both government and private sector jobs, city officials enforced Austin’s job growth rate by giving incentives to companies to expand their operations here in exchange for good quality jobs. Earlier this year, Apple announced that its expansion into Austin will provide 3,500 new jobs to local residents. The low tax rates for businesses and large pool of skilled workers appeal to businesses looking for lower overhead costs.
Why are jobs so important?
The housing market depends on jobs. People move to where the jobs are. When people move, they need housing and housing becomes higher in demand. As rent occupancy rates rise, homeownership becomes more appealing and the demand for housing improves home prices. Austin’s job growth is the best indicator of an improving real estate market which continues to improve as long as we have jobs and people move here for those jobs.
Texas is the best state for jobs.
Austin is not the only city in Texas to make the list of cities with the best jobs. For most major areas, the weak US economy stifled employment growth for government jobs and grew for jobs in energy, technology, and manufacturing industries. Energy-rich Texas cities florished. Forbes ranks three other Texas cities in the top 10 places where the jobs are. Houston ranks 2nd, Fort Worth ranks 4th, and Dallas ranks 6th on Forbes’ survey for best cities for jobs in 2012.
Special thanks to Brandon Siedel for the incredible photo!