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Austin’s Unemployment Rate Sets Steady Pace into 2014

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Austin’s unemployment rate drops to 5.1% – 2nd lowest in nation and 2% lower than national average.

The Bureau of Labor Statstics released its list of the major U.S. metropolitan cities (cities with populations over 1 million people) with the lowest unemployment rates in October 2013. Austin has the 2nd lowest unemployment rate of major U.S. cities and shows no signs of slowing down as it continues to attract international tech companies like Google and Apple. Between January 2013 and October 2013, Austin employers added 20,795 jobs outpacing the labor force gains over the same period of 15,289. Down from 5.8 percent in January to 5.1 percent in October, Austin’s unemployment rate is 2% below the national unemployment rate of 7.3%.

With four major cities listed in the top 10, Texas dominates the Bureau of Labor Statistics list. Both Austin and Texas workers are fairing better than the national average with each city’s unemployment rate just under 6% indicating a healthy job market – a good prediction for an increase in demand for housing.

List of 2013 Top 10 Cities with Lowest Unemployment Rate

  1. Minneapolis, MN – 4.1%
  2. Austin, TX – 5.1%
  3. Oklahoma City, OK – 5.3%
  4. Birmingham, AL – 5.7%
  5. Kansas City, MO – 5.7%
  6. Richmond, VA – 5.8%
  7. San Antonio, TX – 5.8%
  8. Dallas, TX – 5.9%
  9. Houston, TX – 5.9%
  10. Washington, DC – 5.9%

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