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Data Points Newsletter 2012 July Final
Data Points Newsletter 2012 July Final
By
JULY 2012
JOB GROWTH, AUSTIN METRO VERSUS U.S. (2003 2012)
(Year Over Year Comparison, June)
AUSTIN MSA
U.S.
6% 4% 2%
Austins economy is becoming more diverse. Outside observers, 0% for example, often cite Austins status as a state capital and 03 04 05 06 07 08 09 10 11 12 education hub as the secret to the regions economic stability -2% and resiliency. During the past year, however, these two sectors have experienced virtually no growth. High-tech employment, -4% another stalwart of the Austin economy, has also remained flat. -6% The information sector, which includes industries such as Source: U.S. Bureau of Labor Statistics software and telecommunications, hasnt experienced any net job growth within the Austin region during the past year. While AUSTIN METRO PUBLIC VS. PRIVATE EMPLOYMENT (1992 2011) the inability of employment statistics to fully capture the dynamics of innovative industries may obscure positive trends PUBLIC EMPLOYMENT PRIVATE EMPLOYMENT in Austins technology sector, the lack of growth is striking. Instead, Austins current employment growth is increasingly driven by a thriving business and professional services sector, a rejuvenated construction sector, and a leisure and hospitality industry buoyed by the regions continued population growth. During the past year, business and professional services have generated the largest number of jobs in the Austin region; since June 2011, this sector has been responsible for one-third of the regions employment gains. The construction industry is showing signs of a significant rebound; the sector has added nearly 3,500 jobs since June 2011. Leisure and Hospitality, a perennial source of employment growth in the Austin region, added 4,600 jobs (an increase of 5 percent).
307,300 (72.4%)
116,900 (27.6%)
623,300 (78.8%)
168,100 (21.2%)
1992
2011
Source: U.S. Census Bureau / Bureau of Labor Statistics
While overall growth statistics typically receive the lions share of media attention, the nature of Austins employment gains is arguably more important. In recent years, for example, much of the regions employment gains have occurred in low-skill area such as Leisure and Hospitality (where the average annual wage is below $20,000). In contrast, the business and professional services sector includes many high-skill occupations such as architects and lawyers (the average pay of the sector is 20 percent higher than the regional average). Furthermore, the construction industry provides solidly middle-class wages for many workers in the region. Heres hoping the region can sustain additional increases in well-paying sectors throughout the rest of 2012. AUSTIN METRO JOB GROWTH BY INDUSTRY ( JUNE 2011 VERSUS JUNE 2012)
TRADE, NATURAL INFORMATION MANUFACTURING TRANSPORTATION RESOURCES & & UTILITIES CONSTRUCTION 8.6% 3.2% 0.5% 0.0% 0 jobs 2,000 jobs 8,600 2,100 4,600 jobs 1,100 jobs FINANCIAL ACTIVITIES 4.5% PROFESSIONAL & EDUCATION & BUSINESS HEALTH SERVICES SERVICES 7.4% 2.3% LEISURE & HOSPITALITY 5.0% OTHER SERVICES GOVERNMENT
3.3% 0.2%
300 jobs
DATA POINTS
By
JULY 2012
CRIME: AUSTIN METRO VIOLENT CRIME PER 1,000 RESIDENTS 6 5
4
3 2 1 0
1990
2010
Source: FBI
5
0 1990 2010
Source: Bureau of Labor Statistics
WAGES: AUSTIN METRO AVERAGE WAGE (inflation adjusted) 50,000 40,000 33% Increase
30,000
20,000 10,000 0
1990
2010