the way it works
Hardworking Austin clocks in as No. 3 labor market in the country, report says
Austin is proving its worth as a robust employment center.
A new report from Dallas-based ThinkWhy, a producer of talent intelligence software, ranks the Capital City as the No. 3 top-performing labor market in the country.
Dallas-Fort Worth was listed as the No. 1 metro labor market, and ThinkWhy’s LaborIQ Market Index puts Houston at No. 8 and San Antonio at No. 24.
The most recent index is based on 10 key economic indicators from September for 150 metro areas.
Austin ticks all the boxes for a top-performing metro area: net migration, college degree holders, working age population growth, job gains, job growth, and recovery. But the region is lacking in the area of wage growth, according to the index.
“All four of Texas’ major metros — which rank among the largest in the country — are expected to remain top-performing metros for an extended period. Due to the sheer size of these labor markets, their recovery will significantly impact the national economy,” ThinkWhy says.
In August, Austin became one of the three largest metros — along with Salt Lake City and Phoenix — to recover all jobs lost to the pandemic, according to ThinkWhy. DFW and San Antonio are set to join those ranks in 2022, with Houston expected to fully recover lost jobs in 2023.
“Retention of talent will be a major risk for businesses the remainder of this year,” Jay Denton, chief labor market analyst at ThinkWhy, says in a news release. “With a record number of job openings, businesses are trying different methods to retain and attract employees, and compensation has been a critical part of that equation.”