LABOR & UNEMPLOYMENT:
AUSTIN IS A GREAT PLACE TO BE
Statewide, Texas is in a good place. Our
unemployment rate dropped to 5. 1 percent
in October 2014 – down from 6. 2 percent
in October 2013. The Texas Workforce
Commission reports that the state’s unemployment rate has consistently remained
well below the national rate (as of October
2014, the national unemployment rate was
5. 5 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 4.0 percent as of October 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
expanding their facilities here – included
such companies as Apple, Inc., Progressive
Insurance, Netspend, Kinnser Software,
Lumeris, Mitratech (legal software), AT&T
Labs, Cirrus Logic, eBay/PayPal, Ever-note, HostGator, Informatica, Rackspace
Managed Hosting, and Office Depot,
among other organizations.
Besides the city’s beautiful and scenic
surroundings, Austin’s cost of living is
much less than many major cities – and
that’s yet another reason companies – and
relocating families – are attracted to the
Austin: A Great Home For
Austin, Texas is a vibrant business community
and the perfect place for young business
people to get a start. Every year thousands of
innovative business leaders attend the SXSW
conferences, providing excellent networking
The capital of Texas has been dubbed the
“Silicon Hills” because it is a major high tech
center. Dell, Google, Facebook, and a host
of other companies have offices in Austin.
The government, local school districts and the
healthcare industry are also among Austin’s
largest employers. In addition, the area has a
vital foodservice industry, with an appetite for
new, exotic restaurants.
Being the home of the prestigious University of
Texas adds to Austin’s business appeal. Quali-
fied UT graduates are in high demand by local,
national, and international employers. And of
course, the University gives the city an overall
young appeal, generating unique and exciting
leisure time activities.
Compared to other Texas metropolitan areas
such as Houston, Austin has a slightly higher
cost of living. However, average income is also
higher and the Austin area is less expensive to
live in than other major business centers such
San Francisco, Los Angeles, and New York.
With its peaceful rolling landscape, wonderful
man-made lakes, and numerous opportunities
for sports and outdoor exercise, Austin is also a
healthy place to live. It is little wonder that in
March 2013, Under30CEO named it the number
one large U.S. city for young entrepreneurs.
Blooming with opportunity and alive with fun,
Austin could be the perfect place to start your
new business. For more information on the
Austin business community, explore our site.