Once again, Austin metro is the lowest in Texas for unemployment

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Once again, Austin metro is the lowest in Texas for unemployment

Aaron Gordy
Real Estate Broker · Austin, TX · Member since 2012 · 1k+ posts · 1k+ votes

The numbers just came out. Austin metro is clocking in at 2.8% unemployment. Last month it was also 2.8% unemployment. Year over year the unemployment decreased from 3.2%. The cumulative labor force expanded over the same time frame. In other words, more people moved here. The cumulative labor force increased from 1367.4 (thousands) to 1376 (thousands) from Oct to Nov. Year over year the labor force expanded from 1341.7 (thousands) to 1376. Austin metro continues to be a job creating machine. That is about 286 per day of new people moving into the labor force. Nuts!!!  Is that indicative of a slowdown? I don't see it. 

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Timir Shah
Real Estate Agent · Chicago, IL · Member since 2017 · 39 posts · 23 votes
3y

Interesting numbers @Aaron Gordy. Seems like many families are moving to Texas and more specifically the city center areas of Houston, Dallas and Austin. Would love to check it out soon and see what homes are like there as well. Looking to possibly get a duplex or triplex and rent out initially before seeing what the future holds. 

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  • Timir Shah
    Real Estate Agent · Chicago, IL · Member since 2017 · 39 posts · 23 votes
    3y

    Interesting numbers @Aaron Gordy. Seems like many families are moving to Texas and more specifically the city center areas of Houston, Dallas and Austin. Would love to check it out soon and see what homes are like there as well. Looking to possibly get a duplex or triplex and rent out initially before seeing what the future holds. 

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  • Jack Mawer
    Lender · Member since 2022 · 338 posts · 374 votes
    3y

    Very interesting - not surprising though with new tech companies moving here as well as an increase in density 

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  • V.G JasonPro Member
    Investor · Member since 2022 · 3k+ posts · 3k+ votes
    3y
    Quote from @Aaron Gordy:

    The numbers just came out. Austin metro is clocking in at 2.8% unemployment. Last month it was also 2.8% unemployment. Year over year the unemployment decreased from 3.2%. The cumulative labor force expanded over the same time frame. In other words, more people moved here. The cumulative labor force increased from 1367.4 (thousands) to 1376 (thousands) from Oct to Nov. Year over year the labor force expanded from 1341.7 (thousands) to 1376. Austin metro continues to be a job creating machine. That is about 286 per day of new people moving into the labor force. Nuts!!!  Is that indicative of a slowdown? I don't see it. 


     Define slowdown? We're able to buy houses here way below what they were just months ago. I've had several people I know buy pretty damn cheap here especially for the new constructions. This city is definitely slowing down from what it was 6 months to 18 months ago. Been here for 12 years, still love it. The economy is definitely starting to slow down with these tech layoffs and will more with these semi conductor issues that'll rear its ugly head at some point. It's still the best city in the country though, those are all just blips.

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  • Aaron Gordy
    OP
    Real Estate Broker · Austin, TX · Member since 2012 · 1k+ posts · 1k+ votes
    3y

    @V.G Jason Slowdown in this context is related to jobs and growth.  We hear chatter about layoffs but its not reflected in the overall numbers coming out for the Austin metro related to employment/unemployment. Remember that the time frame that you are referring to is when there were multiple offers on the table. In one instance, there were over 99 offers on one house in Leander. In that context, we are in a slowdown and its healthy. To be sure, there are very good deals to be had as nervousness is certainly in the market as interest rates have ticked up decreasing the overall demand. 

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  • Vivian Yip
    Specialist · Austin TX · Member since 2018 · 82 posts · 55 votes
    3y

    Austin investor here!  Love this statistic! @Aaron Gordy We should connect!

    1Reply
  • Rama Motwani
    Member since 2022 · 7 posts · 3 votes
    3y

    Austin Investor here! we should connect @Vivian Yip and @Aaron Gordy

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  • Ryan KellyBusiness Member
    Real Estate Broker · Austin, TX · Member since 2018 · 1k+ posts · 1k+ votes
    3y

    @Aaron Gordy this is the tailwind that will push Austin out of a recession faster, whether it is a shallow or deep one. Prices are coming down from the peak, but the market is returning nicely back to a pre-pandemic level of activity. The appreciation over 2020 and 2021 was unsustainable. Austin isn't immune to national and global economic forces, but it also is a massive generator of good jobs and those seem likely to continue for decades to come.

    [email protected]512-674-5478
    Ryan Kelly Group - Keller Williams5112 Reviews
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  • Jordan MoorheadBusiness Member
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    3y

    @Vivian Yip is the best!

    [email protected]512-888-9122
    The Moorhead Team5140 Reviews
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