Austin’s Unemployment Rate Increases, But Only Slightly

Austin’s unemployment rate increased from its 18-year low of 2.7% in October to 3% in March 2018. However, the rate remains near a two-decade low, according to analysis and information released by the Federal Reserve Bank of Dallas.

The Austin Business-Cycle Index increased at its fastest pace since late 2015, boosted by Q1 2018 job growth of 4.9%. The local labor force expanded by a 6% annualized pace in Q1, tied with Dallas for the fastest expansion among Texas’ largest metros. Meanwhile, March home sales stood at 3,066, up from February and 5% below the all-time high set in December 2017.

Year-to-date home sales were up more than 8%, with home prices holding steady at $298,303. Home inventories are still lean at 2.4 months’ supply.

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