The Austin economy is thriving, and this prosperity can be measured by the abundance of Austin jobs. The unemployment rate is at its lowest since 2000, which explains why the economy continues to outshine other metro areas. One of the reasons for this sustained prosperity is Austin's diverse job market, which has helped it maintain its resilience.
Texas has become the second Silicon Valley, with a wide variety of tech-based jobs that continue to bring job seekers to the Austin area. As a result, the job market is tight, making it more difficult to find jobs. The availability of jobs has slowed down some. However, growth continues as a result of other job sectors, in addition to tech. Companies such as Dell Medical Center and Austin Bergstrom International Airport are just two of the many that continue to add to Austin area job growth. In fact, Austin is projected to see an increase of 30,000 jobs in 2018 alone. This translates into a 3 percent increase in job growth.
Tech giants, as well as other companies, are set to continue to engulf the Austin area. Apple, Facebook, Google, and Amazon have already made their descent to the Austin area. These companies now have sites and downtown offices and plan to continue to hire qualified job seekers. The world's second-largest software company, Oracle Corp., is the latest tech giant to transition to the Austin area and will continue toto Austins healthy job market. However, other sectors of employment will add to employment opportunities for job seekers as well.
The Austin job market is operating at full capacity, which means that the availability of Austin jobs has declined slightly. However, the job market is still stable, and growth is still expected to occur, although at a slower rate. The tight job market is expected to limit job growth for the next few years. Nevertheless, Austin's economy is growing faster than any other region in the country, which is a good sign for job seekers. Austin's tech talented pool of job seekers and modest cost of living will continue to make Austin attractive to many companies, particularly tech companies.