Job growth is still strong in the Austin Metro but the rate has slowed a bit.
That’s according to the Austin Chamber of Commerce’s Febuary jobs report. The Chamber’s Beverley Kerr reported the Metro ties for 10th out of the fastest growing American Metropolitans, with a growth rate of 2.3{6d294a0824f6f808f1cc9dcde10d35acd237638cfa4e8dd876851c8906eac7a1}, that’s 23,800 jobs added to the metro area between February 2018 and February 2019.
But Kerr explained, that’s lower than what we’ve seen recently. In the last few years, Austin’s job growth rate typically held around 3.5{6d294a0824f6f808f1cc9dcde10d35acd237638cfa4e8dd876851c8906eac7a1} positive growth. Austin is not alone in the slow down, Kerr said, “some of the other markets seem to have slowed. Generally the percent change looking across the top ten fastest growing metros are all down a little bit.”
As to what’s causing the slowdown, Kerr sighed, that is hard to pin down, but did point to the Austin Metro’s low unemployment rate of 3{6d294a0824f6f808f1cc9dcde10d35acd237638cfa4e8dd876851c8906eac7a1}. The latest numbers show that is down from 3.2{6d294a0824f6f808f1cc9dcde10d35acd237638cfa4e8dd876851c8906eac7a1} in January, that leaves employers looking at a very tight labor market. She added, another factor could be from the housing side, where home builders have not applied for as many home permits.
Despite the slowdown, Kerr said the Austin Round Rock Metro is still in positive territory. The manufacturing sector is returning to its former glory. That industry’s job count jumped by 4.6{6d294a0824f6f808f1cc9dcde10d35acd237638cfa4e8dd876851c8906eac7a1} for a total of 61,800 manufacturing jobs which Kerr says is more than the local industry has seen in the last decade.
However in the construction industry she noted, they lost jobs, looking at a -0.3{6d294a0824f6f808f1cc9dcde10d35acd237638cfa4e8dd876851c8906eac7a1} change rate. That’s an industry that’s seen regular growth in recent years.
Back on the positive side, Kerr reports are the usual suspects, Professional and Business services added 62,000 jobs making it the biggest contributor, while Wholesale trade was the fastest growing with a growth rate of 8.2{6d294a0824f6f808f1cc9dcde10d35acd237638cfa4e8dd876851c8906eac7a1}.
(Photo:Shutterstock/Roschetzky Productions )
