Austin Economic Indicators

Austin employment rose in August, and the unemployment rate ticked up, while wages increased. Rents continued to decline.

Labor market

Unemployment ticks up

Austin’s unemployment rate rose to 3.7 percent in August, below the state rate of 4.1 percent and the national rate of 4.3 percent (Chart 1).

Jobs increase

Austin employment increased an annualized 2.2 percent in August, faster than the 1.9 percent increase in July. In the three months ending in August, employment increased an annualized 0.7 percent (Chart 2). The greatest gains were in government (4,400 jobs), education and health services (1,000 jobs) and leisure and hospitality (900 jobs). Sectors that declined include professional and business services (-3,600 jobs) and construction and mining (-800 jobs). Austin’s employment grew 1.4 percent from December to August, quicker than Texas, which rose 1.2 percent. National employment rose 0.6 percent.

Earnings rise

Austin’s average hourly wage increased to $36.41 in August. The three-month moving average for wages increased an annualized 1.6 percent in August to $36.14, lower than the nation’s average of $36.42 but higher than the state’s average of $34.47 (Chart 3). Year over year, Austin’s 5.1 percent wage growth was faster than Texas’ gains of 3.1 percent and faster than the nation’s gains of 3.7 percent.

Multifamily

Austin’s asking rents declined 4.1 percent year over year (Chart 4). Year over year, asking rents in the nation rose 2.0 percent, while rents fell 0.2 percent in Dallas.