The Federal Reserve Bank of Dallas’ September economic summary for the Austin metro was decidedly mixed. On the one hand, jobs declined slightly, while area unemployment moved up to 3.4%. On the other hand, the area’s 3.4% unemployment rate is near historic lows. Somewhat more concerning is that jobs grew at a 1% annualized rate during Q3 2016.

Balancing that out, however, was that growth in high-tech service jobs continued strong, while new-home construction permits (both single and multifamily) also picked up. Overall, the Austin Business-Cycle Index grew at a 2.4% annualized rate in September, with the Dallas Fed pointing out that average wage growth continued increasing.

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