According to data released today from the Texas Workforce Commission, the Austin-Round Rock MSA* unemployment rate did not change from September 2022 to October 2022, and remains at 2.8%**, as represented by 38,558 unemployed residents. Key takeaways include:
- The Austin metro unemployment rate remains below Texas (8%) and national (3.4%) rates.
- According to TWC, the Austin metro gained 14,200 jobs from September to October. The region has experienced an annual growth rate of 7%, representing the collective addition of 56,900 jobs since October 2021.
- Furthermore, TWC reports unemployment in the Capital Area/Travis County region*** also remained at 2.8% from September to October, representing 22,212 unemployed residents.
- Note: The unemployment data released today is not seasonally adjusted.
October Job Growth/Losses by Industry in the Austin-Round Rock MSA:
- Monthly Increases: Industries that experienced regional job growth from September to October include professional and business services (4,500), leisure and hospitality (3,700) and government (3,200).
- Other industries that experienced monthly job growth include trade, transportation and utilities (2,100) and manufacturing (1,200).
- Monthly Decreases: Financial activities (-900) experienced the greatest regional job losses from September to October.
- Annual Increases: Leisure and hospitality experienced the greatest regional job growth over the past 12 months with an increase of 15.5%, followed by manufacturing (7.9%).
- Other industries that experienced annual job growth include professional and business services (6.1%), information (5.9%) and education and health services (5.4%).
- Annual Decreases: Mining, logging and construction jobs experienced a decrease (-1.9%).
“We’re seeing growing concern about potential layoffs from enterprise sized businesses, particularly in the technology sector,” Tamara Atkinson, CEO of Workforce Solutions Capital Area, said. “However, the Austin job market remains strong, and many tech companies are still hiring for critical positions and we know some that paused or slowed down hiring foresee normal hiring going into Q2 2023. For those companies and employees who unfortunately will be impacted by layoffs, we want them to know that we are prepared to help.”
Workforce Solutions Capital Area is able to assist people who are newly unemployed by connecting them to new work opportunities, and also able to help employers facing layoffs with outplacement planning and existing employee career support to bolster the confidence of the company’s remaining workforce.
“We hold public orientations weekly where we’re sharing labor market insights with those interested in pursuing tech jobs,” Melanie Flowers, board chair for Workforce Solutions Capital Area, said. “They are virtual to help make it as easy as possible for people to tune in and learn what resources are available to them.”
Every week, Workforce Solutions Capital Area hosts Career and Training Services orientations for each of their targeted industries, including tech. During these orientations, eligible Austin/Travis County residents learn about high-demand occupations in the area and receive assistance applying for Career and Training Services. The next orientation taking place for information technology is on Nov. 23. Those interested in attending the virtual event, can register online.
Workforce Solutions Capital Area’s three career centers across Austin are available by phone, email, or in-person to serve residents and businesses impacted by economic changes caused by COVID-19. Residents seeking assistance can contact 512-454-9675 or visit wfscapitalarea.com to learn about services and resources for job seekers, employers, parents, and students.
Workforce Solutions Capital Area is the non-profit organization that serves as the leadership and governing body for the Austin/Travis County area workforce system. They are responsible for the planning, oversight, and evaluation of workforce development activities in the Capital Area. Learn more at WFSCapitalArea.com and follow along on Facebook, LinkedIn, Instagram, Twitter and YouTube.
*The Austin-Round Rock Metropolitan Statistical Area includes Bastrop, Caldwell, Hays, Travis, and Williamson counties.
**Unemployment rates listed are not seasonally adjusted.
***The Capital Area Workforce Development Area includes Travis County.