Austin Ranks #2 in Best Performing Cities for Job Growth & Employment

How did Austin rank in job growth compared to the other top 50 U.S. Metros? We were Number Two in the nation!

When you compare to jobs lost in the U.S. in 2009 (4,941,700) or TEXAS (201,700), Austin’s performance is amazingly strong. With so many indications of growth returning to different segments of the economy, Austin is well positioned to benefit early on in the recovery.

The Austin Chamber of Commerce’s customary ranking of the best performing large metros, we retain second place behind Virginia Beach.
#2 Austin’s aggregate job losses of 2,300 (-0.3%) as compared to #1 Virginia Beach job losses of 1,600 (-0.2%).
Fort Worth was 8,000 (-0.9%)
San Antonio was 9,000 (-1.1%)
Dallas was 42,100 (-2.0%)
Houston was 92,500 (-3.5%)

Top 10 Best Performing Cities
1) Virginia Beach
2) Austin
3) Washington DC
4) Newark
5) Fort Worth
6) San Antonio
7) Edison
8) Columbus
9) Baltimore
10) Boston

Source: Austin Chamber of Commerce

Texas Job Growth Tops Nation for the Decade

While the rest of the nation fell behind, Texas continued to make strides in private sector job growth during the past 10 years.

Figures released by the U.S. Department of Labor Bureau of Labor Statistics showed Texas leading the nation with 724,300 more net private sector jobs in December 2009 compared with one decade ago.

Of the top 10 largest states ranked by civilian labor force, only Texas and Florida had positive job growth over the 10 year period.

Texas Workforce Commission Chairman Tom Pauken credits economic policies for better-than-the-rest job growth.

“While the rest of the nation has only seen net growth in government jobs, Texas’ business, tax, and economic policies have created an environment where businesses can succeed and create the jobs that will allow Texas to lead our nation out of this national recession,” Pauken said.

For December, Texas showed the lowest overall seasonally-adjusted unemployment rate of large states at 8.3 percent, compared to 10 percent nationally. Austin rates were steady at 6.9 percent in December.

“Our nation cannot continue to spend its way out of the recession by incurring ever increasing amounts of government debt,” Pauken said. “For more than a year now I have been warning that Washington policymakers have failed to develop an economic policy designed to encourage capital investment and private sector job creation here in the United States. We need to act quickly in order to avoid a jobless recovery.”

Source: Austin Business Journal

Austin Housing Market OK, Will Improve This Year

Austin Housing Market OK, Will Improve This Year
The spiraling home market has neared stabilization and could see a slight rebound in Austin this year, according to local real estate experts during a 2010 housing forecast Wednesday.

Speakers during the Austin Board of Realtors and the Home Builders Association of Greater Austin event pointed to the relatively better job market as one sign improvement is on the way.

The Texas Workforce Commission reported the area lost about 4,300 jobs in the 12 months ending November 2009, which is better when compared with cities like Houston and Dallas, which lost 88,900 and 50,700 jobs respectively.

The program was presented and moderated by Eldon Rude, who directed a residential real estate market study comparing Austin with 30 other U.S. metros. He said Austin builders cut new home production by about 19 percent last year, breaking ground on 6,490 new homes.

“Starts have stabilized in recent quarters, builders have closed more homes than they have started for the last three years. This strategy has resulted in far fewer inventory issues in the Austin new home market compared to the more challenged markets across the U.S.,” said Rude.

The study anticipates new home starts maintaining 2009 levels, primarily due to slow job growth through at least the first half of 2010.

Though home pricing and buying has improved, experts said the true test will come when interests rates begin to climb and the stimulus-fueled tax credits run out.

Source: Austin Business Journal : Thursday, January 14, 2010, 9:58am CST

Austin Area Tops City Performance Index

The Austin-Round Rock area was named the best performing city on the 2009 Milken Institute/Greenstreet Real Estate Partners Best Performing Cities Index.

Killeen-Fort Hood-Temple, McAllen-Edinburg-Mission and Houston-Sugar Land-Baytown were second, fourth and fifth, respectively. Also, Houston-Sugar Land-Baytown was named one of the top five largest cities, and Midland was named the No. 1 small metro.

The index ranks U.S. metro areas based on their ability to create and sustain jobs, measuring employment, salary growth and technology output.

“Texas’ strong position in our best performing cities study demonstrates that a favorable business climate, combined with a low-cost/low-tax environment, is highly supportive of job creation,” said Ross DeVol, senior economist at the Milken Institute and lead author of the report. “The state has diversified its economy by fostering several key high-tech clusters, and the passage of Proposition 4, allocating $500 million in funding for research universities, will make Texas an even more formidable competitor in the future.”

Austin a Top Place to Launch a Small Business

With so many Americans in the unemployment line these days, a growing number are looking at entrepreneurship as an option. That's what makes this year's list of the best cities to start a small business from Fortune all the more timely.

The folks at Fortune rank Austin eighth on this year's list, behind cities such as Houston, Raleigh, N.C. and No. 1 Oklahoma City. Austin got kudos for its angel investment groups, business-friendly tax structure and support for business development in sectors like tech.

"The Austin metro area, which has doubled its population growth in the last 20 years, is often used as a test market by national companies because its large minority population reflects the nation's future demographic mix," Fortune said. "With University of Texas college students in residence, the area offers entrepreneurial opportunities for the youth market and skilled workers for local businesses. One-third of the area's payroll is related to technology jobs, contributing to Austin's reputation for having one of the most educated workforces in the nation."

But it isn't all roses for Austin. Fortune cited some complaints from business owners such as transportation issues and lack of flights to desired markets.

Fortune's top 10 cities:

1)Oklahoma City, OK
2)Pittsburgh, Penn.
3)Raleigh, NC
4)Houston
5)Hartford, Conn.
6)Washington D.C.
7)Carlotte, NC
8)Austin
9)New York City
10)Baltimore, MD

Source: Austin Business Journal

Austin Leads Nation Again on Job Growth

The Austin area was the nation’s strongest big-city job market last month, according to a new report from the Bureau of Labor Statistics.
Among the 38 metro areas with a workforce of at least 750,000, Austin was the only one that gained jobs from April 2008 to April 2009, the bureau said. It was the third month in a row that Austin had earned that distinction.

Austin added 3,400 jobs in that period, a 0.4 percent gain, during that period.
Among other technology hubs, the Silicon Valley area lost jobs at a 4.4 percent annual rate in April. Portland, Ore., was down 4.7 percent, Seattle was down 3.4 percent and Raleigh, N.C., was down 3.3 percent. Some smaller cities also racked up gains, including Midland, up 2.2 percent, and Odessa, up 2.9 percent.

By American Statesman staff Wednesday, June 3, 2009, 11:22 AM

Austin 2nd Fastest Growing City in the Nation!

Austin was the nation’s second-fastest-growing metropolitan area between 2007 and 2008, according to new data from the U.S. Census Bureau.

The population in the Austin-Round Rock area grew 3.8 percent to 1.65 million between July 2007 and July 2008. Among major U.S. metros, that growth rate was second only to Raleigh-Cary, N.C., which experienced a 4.3 percent population uptick during the 12-month period.

Large metro areas — those with 2008 populations of 1 million or more — were home to nine of the 10 fastest-growing counties. Texas had the largest number of counties on the 100 fastest-growing counties list with a total of 19. The Lone Star State was also home to 10 counties among the 25 with the highest numerical gains.

Four metro areas--including two in Texas--increased their populations by more than 100,000 people between 2007 to 2008: Dallas-Fort Worth (147,000), Houston (130,000), Phoenix (116,000) and Atlanta (115,000).

From Ausitn Business Journal 3/19/09

Forbes Ranks Austin #8 for Biz & Careers!

Forbes.com ranks Austin the 8th best place for business and careers in its latest list.
Texas' Capital City rose significantly from 47th on last year's list. Austin was behind cities such as No. 1 Raleigh, N.C. and No. 4 Fayetteville, Ark. The list was ranked according to factors such as cost of doing business and projected employment growth.


Forbes.com cited Austin's projected annual job growth rate of 2.3 percent--the fifth fastest in the country, and its relatively low subprime mortgage exposure.
For its reporting on Austin, Forbes.com spoke with the Charles Schwab Corp., which expanded its Austin presence in 2007 when it purchased the 401(k) Co. "The city of Austin is extremely business-friendly. They have bent over backwards to accommodate us," Glenn Cooper, head of real estate at Schwab, told the news site.


The top 10 cities on the list were as follows:
1) Raleigh, N.C.
2) Fort Collins, Colo.
3) Durham, N.C.
4) Fayetteville, Ark.
5) Lincoln, Neb.
6) Asheville, N.C.
7) Des Moines, Iowa
8) Austin, Texas
9) Boise, Idaho
10) Colorado Springs, Colo.

From Austin Business Journal 4/3/09

Texas Counties Show BIG Growth Numbers!

Ten of the top 25 fastest growing counties in the country between July 2007 and July 2008 are in Texas, according to a Capital Area Council of Governments analysis of the most-recent U.S. Census report.

That’s more than any other state, with California registering six of the top 25 and Arizona and North Carolina each capturing two.

Texas counties among the top 25 include:

Harris, No. 2
Tarrant, No. 5
Bexar, No. 10
Collin, No. 12
Dallas, No. 13
Travis, No. 14
Fort Bend, No. 18
Denton, No. 21
Williamson, No.23
Hidalgo, No. 24

Central Texas counties experienced considerable population increases over the period—emphasizing the need for a continued focus on managed growth, CAPCOG officials said.

CENTRAL TEXAS COUNTIES: The numerical and percentage growth break down among counties in CAPCOG’s service area is as follows:

Bastrop: 1,364, 1.9 percent
Blanco: 81, 0.9 percent
Burnet: 901, 2.1 percent
Caldwell: 299, 0.8 percent
Fayette: 241, 1.1 percent
Hays: 7,526, 5.3 percent
Lee: 115, 0.7 percent
Llano: 58, 0.3 percent
Travis: 28,651, 3 percent
Williamson: 22,172, 6.0 percent

“These latest figures from the Census Bureau underscore the fact that we can’t stop talking about how to manage growth effectively, even during a recession,” said Brian Kelsey, director of community and economic development for CAPCOG. “The number of people relocating to the Austin-Round Rock region has likely slowed as a result of the recession, but we need to appreciate that Hays, Travis, and Williamson alone added nearly 60,000 people between July 2007 and July 2008, according to these latest figures. For some perspective, that’s more people than the entire city of Cedar Park.”

From the Austin Business Journal 3/27/09

2008 Market in Review - Austin Title

As most parts of the nation experience significant decline in housing starts, sales, and prices, the Central Texas market remains relatively strong in comparison. Although units sold and aggregate volume are down around 20%, prices remain stable and inventory remains low, suggesting that pent-up demand from 3rd and 4th quarters may soon re-enter market as the credit freeze continues to thaw. With just 5.3 months of inventory, Austin actually had less units for sale in November 2008 than in November 2007. As buyers take advantage of historically low interest rates, our local market should continue to benefit as prices here grew modestly throughout the bubble times elsewhere. Austin's projected equity accumulation in the years ahead is one of the nation's healthiest according to a recent study (See pdf article here, page 5 and page 15)

While the Austin housing market has realized some price increases over the past decade, we have been insulated from the steep price drops seen in coastal markets and places like Arizona and Florida. Although market conditions are tough nationwide, Austin remains stable in comparison due to a formidable economic base and a healthy job market with 4 of the nation's Top Ten cities for growth located here in Texas. These factors also account for the steady stream of new residents who come to Austin for the sunshine and good jobs. [For more statistical data: http://austintitle.com/statistics/map2.php]

Austin job creation slower, but still outpacing rivals

Employment in the Austin-Round Rock region increased 1.9 percent between October 2007 and October 2008, outpacing many of Austin’s economic development competitors, according to data released Tuesday by the U.S. Bureau of Labor Statistics.

The local region added about 14,700 jobs in the 12-month period, bringing its total employment figure to roughly 781,000, according to the report.

By comparison:
• San Jose, Calif. added 700 jobs for a 0.8 percent increase
• Raleigh, N.C. added 8,800 jobs for a 1.7 percent increase
• Nashville, Tenn. lost 2,200 jobs for a 0.3 percent decrease
• Seattle lost 1,900 jobs for a 0.1 percent decrease
• Phoenix lost nearly 50,000 jobs for a 2.3 percent decrease
• San Antonio added 17,900 jobs for a 2.9 percent increase
• Memphis, Tenn. lost 10,800 jobs for a 1.7 percent decrease
• Albany, NY remained stagnant.