Austin Economic Growth Remains Strong in Q4 2017

Austin Economic Growth Q4 2017Austin Job Growth

According to the Federal Reserve Bank of Dallas Jobs in Austin grew at a rate of 5.1% annualized rate in the 4th quarter of 2017. Leisure and hospitality jobs lead the pack. There was also some strong job growth in the Business and Professionals sectors. The hiring of temp employees was very high which according to Fed Analysts is an indicator that full time hiring will be strong in the coming future.

Austin Unemployment Rate

The unemployment rate in Austin, Tx held at 2.8% in December 2017 which is indicative of a tight labor market. This is also over 1% lower than the Texas unemployment rate at 3.9%. Nationally the unemployment rate is at 4.1%

Average Hourly Earnings in Austin

Average hourly earnings in Austin are $28.63 which continues to remain above the state and national averages. In Texas average hourly earnings are $25.55 and nationally they are $26.56

Austin Real Estate

Austin real estate continues it’s hot streak as the median home price in December 2017 was $308,104. This is a 5.3% increase from the year prior. The Austin commercial real estate market continues to be hot as well. For more info about that feel free to call 512-861-0525

 

For more information about the Austin Economic climate check out the Federal Reserve Bank of Dallas https://www.dallasfed.org/research/indicators/aus/2018/aus1802.aspx

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