The labor market across the country has changed significantly since 2020, leaving employers struggling to fill roles and retain employees as businesses compete for talent. A new Texas Workforce Commission report out this month found the unemployment rate in Austin is the lowest it has been since the coronavirus pandemic began, sitting at 2.5%.
There’s no doubt that Austin is booming. More and more major companies are moving here, shifting the needs and makeup of our workforce. With that shift, we’ve seen housing demand and home values rise exponentially – more than 25% – over the past year. As our city continues to grow and companies announce plans to relocate or open businesses in Austin, we must ensure that we’re building a highly skilled workforce and strong local talent pool from which they can hire. This is one of the keys to mitigating the rising cost of living and stopping longtime residents from being pushed out of our city and left behind.