Austin’s job market growth is outpacing the rest of the U.S. According to Workforce Solutions Capital Area, 172,194 new jobs were added to the Austin-Round Rock-Georgetown metro area between 2016 and 2021, representing a 16.0% job growth increase and far surpassing the U.S.’s 1.8% increase during the same period. In the five-year period from 2021 to 2026, our region is forecasted to grow an additional 12.5%, nearly three times more than what the U.S. is expected to grow.
Failing to meet this demand for qualified local candidates could hinder our region’s continued development. All employers worldwide are having difficulty finding skilled workers to fit their needs for the in-demand digital jobs of tomorrow. According to the World Economic Forum (WEF), in 2021 alone, the number of available jobs in the technology sector nearly doubled; however, the pool of available applicants shrank by nearly 25%. As a result, the WEF says companies estimate that 50% of all employees will need reskilling. Closing this digital skills gap could add $11.5 trillion to global GDP by 2028. This skills gap poses a hurdle to global economic growth, and inevitably, growth in Austin as well.