Austin Job Growth at 5.1% Annual Rate in Q4

Jobs in Austin grew at a 5.1% annualized rate over Q4 2017, according to information released by the Federal Reserve Bank of Dallas. Austin job growth was led by a surge in leisure and hospitality hiring, as well as professional and business services. Hiring of temporary workers was especially strong, which could be an indicator of stronger full-time hiring in the near future, Fed analysts noted.

As jobs grew in the Capital City, the unemployment rate held steady at 2.8% in December 2017. This metric is below the state and national jobless rates of 3.9% and 4.1%, respectively, which is indicative of a tight labor market. Still, the regional labor force expanded in December at an annualized 8.5%, with growth for all of 2018 at 3.2%.

The Austin Business-Cycle Index grew at a 9.2% annualized pace in December, well above its long-term average of 6%.

For comments, questions or concerns, please contact Amy Sorter