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Austin Unemployment Edges Down to 5.4% as Companies Continue Record RELO

Austin Business Journal March 12, 2021 3:06 PM CST |Career and workplace|”Austin already far outpacing 2020 for new jobs announced, chamber reports” “ The market is hotter than evar as pandemic reaches one-year mark” by Kathryn Hardison

Figure not from ABJ article.

Read the article for full detail.

Summary of Article

2020 was a record year for “number of jobs announced from business relocations and expansions in the Austin area, and the momentum doesn’t appear to have slowed down so far in 2021.” Having added already 1,800 jobs the pace is double last year from existing but expanding local businesses or from businesses new to Austin. Reportedly from, Opportunity Austin, 18 new companies have relocated here so far in 2021 a number three-fold higher than January and February 2020. These newcomers account for 1,600 new jobs. On pace with last year 21 existing companies are planning on adding 675 jobs as well. Charisse Bodisch, (SVP Austin Chamber), commented “The Austin region’s diversified industry base, outstanding talent pool and great quality of life continues to attract companies with a variety of. Jobs, even in the midst of the pandemic.” Relocating companies, many from California, include Digital Realty Trust, Inc. (Data Centers), and Amazing Magnets LLC (Magnet Manufacturing).

Austin’s unemployment rate reached nearly 13% during the pandemic but stands now at about 5.4% or 67,500 looking for jobs compared to 2.6% January 2020 (Source Texas Workforce Commission and the U.S. Bureau of Labor Statistics). The polar vortex hasn’t deterred newcomers but likely all are interested in knowing “what preventative measures” will be enacted to ensure a consistent supply of electricity regardless of weather. As of March 11, NXP Semiconductor but not Samsung manufacturing was back online. Notably Samsung is still “considering Central Texas, Arizona, New York and Korea for its next fabrication facility.”

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