economy news
Austin's job market clocks in among top 20 in the U.S.
The city isn't called "Silicon Hills" for nothing: Austin is living large with the 20th-best job market in the U.S., according to a new report by SmartAsset.
The study examined 343 U.S. cities across six main data points from 2021 and 2022 (using the more recent where available): A city's unemployment rates; median income to housing payment ratio, commute times, the percentage of remote workers, the percentage of employed residents with health insurance, and income growth between 2019 and 2022.
The report discovered Austin's unemployment rate is only 3 percent, and an Austinite with median earnings landed at $53,729 annually. The average housing costs in the city make up 37.7 percent of an individual's yearly income, which can be estimated at about $1,688 per month.
Remote-work flexibility was another major consideration in the study. Working from home means no real commute time, as long as you don't count the time it takes to get out of bed and walk into the home office. Unfortunately for Austin, a majority of workers are commuting to their jobs, and only 29.2 percent of employees work remotely.
None of Austin's metrics really stood out, but they were consistently good enough to make a real impact.
Despite the vast number of workers braving Austin traffic on the daily, the city was highlighted in a separate SmartAsset study for having one of the biggest remote workforces. For those who do need to drive to and from work, that study revealed the average commute time in Austin is about 22 minutes long.
Austin was ranked among the top 10 best cities for tech workers earlier in 2024, so this latest accolade praising the city's job market is a welcome addition to the list of attractive qualities bringing more folks to the Texas Capital.
"With costs of living skyrocketing in recent years and the demand for different skill sets changing, job seekers must be resourceful to find opportunities that best suit them," the report said. "This could mean relocating for higher income, an improved work-life balance, growth potential, or benefits."
Round Rock wasn't too far behind Austin in the report, ranking No. 38. The suburb's unemployment rate is just slightly lower than Austin's, at 2.6 percent. But a resident's median earnings only added up to $47,144 a year, which is nearly $6,600 less than an Austin resident's median income. Nearly 26 percent of Round Rock workers are working remotely, the study found.
The full report and its methodology can be found on smartasset.com.