Austin’s labor force is just one reason
companies make the move here – and
why the city has been consistently ranked
among the “hottest labor markets” in the
county by BizJournals.com, which
analyzes annual employment trends in the
nation’s 100 largest labor markets —
especially job growth and
unemployment.
It’s not surprising that the city’s high
percentage of college graduates are
fueling its successful business economy,
especially considering the number of top
colleges and universities that are based in
Central Texas, including the University of
Texas at Austin; St. Edwards University,
Huston-Tillotson University; Southwestern
University in Georgetown, and Texas
State University in San Marcos.
Consider that the latest U.S. Census
found that nearly 40 percent of Austin
area residents age 25 and over hold a
bachelor’s degree – well over the national
average of 27. 5 percent. The
engineering, business and law schools at
the University of Texas have all been
ranked among the Top 10 Schools for
Hispanics by Hispanic magazine, and
the magazine also named Austin the Top
City for Hispanics. It’s clear that talented
young graduates appreciate Austin’s
many opportunities – not to mention its
quality of life – so recruiting prospective
employees is a win-win for both
companies and employees.
Research and development thrive here,
too, and that has also helped to attract
talent from all over the U.S. and
internationally. The University of Texas
has been ranked number one of more
than 400 major research universities
worldwide in a Milken Institute study that
looked at the ability of universities to
produce patents from their
biotechnology research.
Not surprisingly, the city has also been
able to build a formidable reputation as a
hub for biotech research and companies.
In fact, in a testament to that reputation,
the Clean Technology and Sustainable
Industries Organization (CTSI), a not-for-
profit industry trade organization
“committed to the commercialization and
global adoption of clean technologies
and sustainable industry practices,”
created a new branch here, naming it the
new global headquarters of the
organization.
LABOR, UNEMPLOYMENT &
RELOCATION: AUSTIN IS A
GREAT PLACE TO BE
Statewide, Texas is in a good place. Our
unemployment rate dropped to 5. 2
percent in April 2014 – down from 6. 4
percent in March 2013. The Texas
Workforce Commission reports that the
state’s unemployment rate has consistently
remained well below the national rate (as
of April 2014, the national
unemployment rate was 6. 3 percent).
And, overall, the Texas labor market
continues to make positive gains with the
addition of jobs and a decline in the
unemployment rate.
Austin has also reaped these positive
economic benefits. Even in challenging
times, the city has experienced steady
job, economic and income growth – and
all have contributed to a thriving business
climate. For example, the unemployment
rate here was 3. 8 percent as of April
2014.
That kind of positive news has people
and businesses from around the country
headed to Austin for its lower overall
cost of living, fair tax structure, lower cost
of doing business, and competitive
environment. In Chief Executive magazine’s
eighth annual survey of CEO opinion of
Best and Worst States to do business,
Texas ranked first for the eighth
consecutive year – while Forbes ranked
Austin second in 2013 as the Best City
for Jobs.
Austin company relocations and expansions
in the last few years – companies that
are planning, creating, relocating, or
