Austin is a fascinating blend of culture, nature, and high-tech innovation. Known as the world's live music capital, the Austin music scene pulses with exciting up-and-coming artists playing at venues like the historic Continental Club and the Austin City Limit Music Festival. Scenic natural areas like Lady Bird Lake give nature lovers plenty of gorgeous places to explore without leaving the confines of the city. Art lovers will adore the city's many museums, including the Blanton Museum of Art and the art galleries spread throughout Austin's quirky alleys and city streets.
But it's the city's booming job market that garners the most international attention. More and more startups and established businesses are calling Austin home, bringing more jobs to the area. The city's entrepreneurial tech energy combines with good old-fashioned Texas hospitality to create an irresistible destination.
Continue reading to learn more about the Austin job market in 2023, where it's going, and what industries will likely be hiring next.
The Austin job market is resilient
According to the Texas Workforce Commission (TWC), Austin boasts a low unemployment rate of just 3.5% as of June 2023. This figure outshines the state average and edges just below the current national average of 3.8%, showcasing the city's resilient economy that bounced back quickly after the pandemic. Remarkably, this low unemployment rate dipped below the previous month, signifying a steady increase in job placements for Austin residents.
The true testament to the strength of Austin's job market lies in its job growth. From May 2022 to May 2023, Austin added more than 50,000 new jobs. This exceptional surge in employment opportunities cements Austin as a high performer. The Wall Street Journal has also crowned Austin the second-hottest job market in the United States, only coming behind Nashville. A Bankrate survey named Austin the top place in the United States to launch a career due to the quality of life, the low cost of living, and the overall employment landscape.
The city offers so much more than economic opportunity. The vibrant community, innovative atmosphere, and laid-back lifestyle are appealing both personally and professionally. The city continues to welcome those who want to put their talent and ambition to work in one of the best places to live.
Will the Austin job market continue to grow?
Economists are also warning of a potential recession on the horizon. While other major metro areas are bracing for it, for now, Austin seems largely unaffected. That's partly thanks to the low cost of living, rapid population growth, labor force size, and healthy wages. Austin residents enjoy an average annual salary of $60,260, beating the national average by $2,000.
Conflicting economic indicators make it challenging for anyone to accurately predict what could happen in the last quarter of 2023. For now, at least, the job market numbers are looking good.
What are the hottest job markets in Austin?
Another star of the Austin job market is the leisure and hospitality industry. It grew by 8.7% between June 2022 and June 2023, coinciding with Austin's growing reputation as a must-visit travel destination. After landing on numerous "best places to live" lists, Austin is now on the radar of those looking for great vacation destinations. A nationwide survey named it one of the top five vacation spots, so we can expect to see continued growth for second homes in the Austin area.
Ready to make a move to Austin?
Kathryn is a lifelong Austin resident and has a track record of helping discerning clients find their dream homes and matching them with options that align with their real estate preferences and budgets. Kathryn knows Austin's neighborhoods and can help pinpoint a location to suit your family's needs. Once you choose a property, she can help you negotiate to get the best deal possible. She can also help connect you with great schools and places within the community to make Austin feel like home from day one for the whole family.
Let Kathryn's personalized service ease your transition to a new city. Contact Kathryn and her team today to start your search for a new home in Austin.