Why are so many people relocating to Texas and specifically, why are they coming to Austin TX? Look at the unemployment history below...
Austin Texas Unemployment History
| August 2010 |
9.6% | — | — | — |
| July 2010 |
9.5% | 8.2% | 7.3% | 67,124 |
| June 2010 |
9.5% | 8.2% | 7.4% | 67,600 |
| May 2010 |
9.7% | 8.3% | 6.9% | 63,201 |
| April 2010 |
9.9% | 8.3% | 7.0% | 64,427 |
| March 2010 |
9.7% | 8.2% | 7.1% | 64,610 |
| February 2010 |
9.7% | 8.2% | 7.3% | 65,680 |
| January 2010 |
9.7% | 8.2% | 7.6% | 68,483 |
| December 2009 |
10.0% | 8.2% | 7.0% | 62,756 |
| November 2009 |
10.0% | 8.2% | 7.0% | 62,828 |
| October 2009 |
10.1% | 8.1% | 7.1% | 63,895 |
| September 2009 |
9.8% | 8.1% | 7.2% | 64,329 |
| August 2009 |
9.7% | 8.0% | 7.3% | 65,065 |
Just like Real Estate is local and not national, the job situation is also local and not national. I hear a lot, "Housing is down because of jobs." Really? Austin TX doesn't seem to be doing too badly. According to the chart above, there are approximately only 67k people unemployed (in the city of Austin, not suburbs) with a population just under 1M.
I wish I knew what went into that 67k number. I know many people who lost their jobs, hence they became unemployed, but then decided to become stay at home moms or dads. Are these people still counted in this number when they are not actively seeking new employment?
All I can say is "think local" and stop watching the national news. What happens in other parts of the country do happen here, but to different extents. The sky isn't falling, but if you continue to think it is, you're sabotaging your own efforts.
**Full charted information here...
**Are You Packed Yet?**
Donna Harris, REALTOR®
RE/MAX Austin Skyline
www.DonnaHomes.coma
Donna@DonnaHomes.com
Austin TX Real Estate and the surrounding areas of Lakeway, Bee Cave, West Lake Hills, Cedar Park, Round Rock, Spicewood, Circle-C, Steiner Ranch, and everywhere in between... Hill Country Austin TX Real Estate and beyond. Whether you're buying or selling an Austin home, I'll be with you every step of the way.
For real time Austin TX listings, click here.
** #1 Agent in my Office for all of 2008 **
Copyright© 2010 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
* Austin TX Unemployment Rate - Job, like Real Estate, are Local and Not National * was first published on donnahomesblog.com
One of my clients relocated to Texas for work and I just met two other people who are moving to Austin for their jobs. Our loss, your gain.
Maria, And I hope you're saying, "Let me give you Donna's information as she can help you buy a new house!!"
Hey Donna, those 67k are actively looking for work...that is how they count that. They are considered in the labor force and looking. The folks who left the labor force to stay home are not counted in that number. That's how they calculate unemployment rates...the number of people employed vs. the number of people unemployed who are actively looking for work. Class dismissed.
Jeff, But if they're collecting unemployment and saying they're looking, but not really, they would still be in that number. That's why I think it's still skewed.
Donna, I don't know every detail but I do know that number is not simply those collecting unemployment checks, it is those collecting unemployement checks (maybe those people are looking for work, but maybe not....but applying for jobs is a condition of unemployment)plus an estimate of others based on total population and average age of population and previos trends and all sorts of other analysis including household phone surveys that produce data. They roll that all together to come up with the number. So, you are right it could be high or low...but it is a number they calculate and at least you can determine a trend over time. If we see that number has grown in the past 12 months that shouldn't surprise because our population has grown too and that matters to that number.
Perhaps more relevant to our business is the net number of people who are employed in Austin each month vs. the following month and year. That number has risen about 25,000 over the last 12 months. That is the real story and one of the major drivers of housing. 25,000 more are employed now than a year ago...so even if the unemployed number has inched up, overall, more people are working and will want and need housing. That's where we come in. Apartment occupancy has increased and home sales overall are up this year vs. last. Low interest rates are helping, but jobs matter a lot...and if we get an increase in consumer confidence, we will be firing on all cylinders...which makes now a great time to buy. Thanks for indulging me. I knew my economics major would come in handy one day.
Donna - - Jobs are the key!
Housing is still hurting and the economy won't rise until housing is settled. Housing won't be settled with terrible underemployment. Go Jobs Go!
Here is a 2012 update on national UNemployment and UNDERemployment:
http://activerain.com/blogsview/2810804/thirteen-definitions-you-need-to-know-when-talking-about-u-s-unemployment-
I hope your market is seeing some turnaround. We're not feeling the "dropping" unemployment rate yet here in Oregon.