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.
Related links
- Austin Is the Fastest Growing City in America 4th Year in a Row
- Austin’s Unemployment Rate Sets Steady Pace into 2014
- Austin Leads Nation as #1 Fastest Growing Economy
