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Austin’s Economy Accelerates with Job Growth and Low Unemployment

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Austin currently has the fastest job growth rate and the second lowest unemployment rate nationwide, despite being the 35th largest metropolitan area in the U.S. More than 37,700 jobs were created in the last year in Austin, beating both San Francisco and Orlando’s job growth.

According to the U.S. Bureau of Labor Statistics, Austin accounted for 874,700 total nonfarm payroll jobs as of January 2014, a 4.5% change from the previous year. Of the almost 38,000 jobs created in the past year, half include jobs in two major industries, professional & business services, and leisure & hospitality. The goods-producing industry accounts for the smallest share at 10.9%. Cities in close competition for highest job growth rate include San Jose, Nashville, San Francisco and Jacksonville. Houston and Dallas are in the Top 10 as well.

As for the unemployment rate, Austin has the second lowest at 4.7%. This data is incurred by subtracting unemployment from the labor force, according to the U.S. Bureau of Labor Statistics’ Local Area Unemployment Statistics. In the past year, Austin has added 19,700 people to its labor force. Other cities on the Top 10 Lowest Unemployment Rate list include Bethesda, San Francisco, Minneapolis and Washington D.C.. San Antonio is noted in the Top 10 as well.

For more information on Austin’s current economy, visit the Austin Chamber of Commerce site.

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