Austin’s economy expanded according to revised data from the Dallas Federal Reserve. The Fed’s Judy Teng reported the area’s Business Cycle Index holds at 7.7. Well above the long term average of 6.3. “Labor markets tightened further as unemployment rates dropped in the forth quarter and job growth increased. 4th quarter office space demand remained healthy, December home sales volume declined while average sales price climbed.”
She says Austin’s strong job growth is the big driver behind the index’s growth.
Byt the Fed’s count, Austin’s 4th quarter of 2019 added 15.5K jobs. Teng said the construction sector added 3600 jobs, “other industries that saw healthy growth were leisure and hospitality which saw 4200 net new jobs financial activity which saw 1200 jobs and professional business services which saw 2800 more jobs. She says the area job market grew by 5.7{472691d8feebf3ac64f7dec0cb5f0f1f1cf9d019c0758432a0b0b7afca6d4a7c}.
(Photo:Shutterstock/Roschetzky Photography)
