Low Texas Home Loan Costs, Hot Economy Spur Growth
Central Texas’ job market continues to be strong, thanks in large part to a hot Texas housing market and growth in government jobs, the Texas Workforce Commission reports.
The five-county region added 32,600 jobs in February, a 4.6 percent growth rate compared with the same month a year ago. Low Texas mortgage costs and a booming economy continue to make the area desirable.
The jobless rate remained unchanged from the previous month at 3.8 percent. Overall, the total work force reached 736,800 in Travis, Williamson, Hays, Bastrop and Caldwell counties.
There was good news on the statewide front as well. Texas posted a 3.8 percent job growth rate, adding 213,200 jobs during the past 12 months.
The jobless rate was 4.5 percent, down from 5.1 percent a year ago. Real estate markets from Dallas to Houston continue to boom as the economy and cost of living make the Lone Star State a sought-after destination.
Unlike the local figure, statewide jobless numbers are adjusted to account for seasonal changes such as government hiring for the income tax season.
“The Texas labor market continues to grow at a rapid pace across many different industries,” said Workforce Commission Chair Diane Rath.
“Broad-based job growth and an unemployment rate in line with the national rate of 4.5 percent are clear signs of our state’s robust economy.”
The nation’s unemployment rate, also seasonally adjusted, fell to 4.5 percent in February, down from 4.6 percent a month earlier.
Locally, with home loan rates hovering near record lows, nearly all of the region’s major job sectors from government to manufacturing added workers in the past year.
The government sector has seen the biggest annual gain with 6,200 jobs, up in part with temporary IRS jobs for the tax season, for a total work force of 159,300. The retail trade saw the next largest jump for the year, with 5,800 new jobs for a total work force of 128,500.
The construction sector, buoyed by the robust Austin housing market, added 5,000 jobs over the year for a total of 46,900 jobs.
SOURCE: Austin American-Statesman