Austin’s job market is providing plenty of fuel to the real estate market. When people ask us “what is causing the Austin Real Estate market to be so strong?”, a big factor is job creation. See the article below from the Austin Business Journal.
Austin’s job market is one of the hottest in the country, according to a new ranking.
A report in the May edition of Business 2.0 magazine puts the Austin area at No. 4 for projected job growth among metropolitan areas with at least 1 million residents. The magazine, citing data from research firm Global Insight Inc. and government agencies, forecasts 24.7 percent job growth in the Austin area from 2005 to 2015.
“Tech’s rebound means IT hiring is back, and Toyota’s new nearby plant is creating thousands of jobs,” the magazine says.
In March, the Austin area’s unemployment rate was 4.1 percent, down from 4.2 percent in February and 4.4 percent in March 2005. The Opportunity Austin initiative aims to create 72,000 jobs over a five-year span in the five-county region.
Topping the list is Las Vegas, with projected job growth of 35.5 percent; followed by Orlando, Fla., 28.3 percent; Riverside, Calif., 26.7 percent; Austin; Phoenix, 24.3 percent; Jacksonville, Fla., 20.8 percent; Tampa, Fla., 19.7 percent; Dallas/Fort Worth, 19.4 percent; Charlotte, N.C., 19 percent; and Atlanta, 18.8 percent.