Austin’s labor market continues to be on a roll. For the third consecutive year, a study by The Wall Street Journal and Moody’s Analytics crowns Austin the hottest job market in the nation among major metropolitan areas.
Ranking the 55 metropolises with at least 1 million inhabitants, the study looked at five attributes: job growth, unemployment rate, share of adults working or looking for work, changes in the size of the workforce and changes in the average weekly wage. Austin ranked first for job growth and share of adults working or looking for work, third for change in workforce size, fourth for change average weekly wages and 17th for the unemployment rate.
A ranking published in January by WalletHub, a personal finance website, places Austin as the 5th best city for jobs in 2022. Ahead of Austin were Columbia, Maryland; Salt Lake City; San Francisco; and Portland, Maine.
According to the Greater Austin Chamber of Commerce, Austin ranked as the best performing labor market among the 50 largest metropolitan areas from February 2020 to March 2022. During this period, the number of jobs in the region of Austin increased by 7%, the house said. In May 2021, Austin became the first metro in Texas to regain all jobs lost at the start of the pandemic, the Federal Reserve Bank of Dallas said.
Of course, the tech industry has been a big contributor to Austin’s labor market success, thanks to increased hiring at tech companies large and small.
“In 2021, Austin cemented its status as a booming technology hub after experiencing record population growth and becoming the new location for Tesla headquarters,” Fortune said.
Appearing behind Austin in The Wall Street Journal ranking, in descending order, are Nashville; Raleigh, North Carolina; Salt Lake City; and Jacksonville, Florida.
Elsewhere in Texas:
- Dallas-Fort Worth sits at No. 11.
- San Antonio is at No. 21.
- Houston sits at No. 52.