Austin's hot job market still keeping workers in the driver's seat

With Austin's unemployment rate reaching lows since the pandemic, the scramble to fill jobs at all levels is reaching new highs. The region's unemployment rate currently stands at 2.7%, putting workers in the driver's seat and pressuring those hiring to offer a number of perks and enticements, according to workplace experts and economists. “As employers know all too well, there continues to be a shortage of qualified talent in practically every employment sector. But there’s no shortage of available jobs,” said Tamara Atkinson, CEO of Workforce Solutions Capital Area. Atkinson said to attract and keep workers, employers need to consider flexible work arrangements, sign-on bonuses, attractive benefits, opportunities for advancement and other ways to demonstrate a long-term commitment to their workforce. But that's challenging for small Austin independent businesses that are dealing with sky-rocketing rent increases, inflation, supply chain issues and rising payrolls.

"Industries such as retail and leisure and hospitality that rely on face-to-face services really can't offer what employees are looking for right now," Atkinson said. Austin has been the best-performing major metro area in the country in terms of recovering and exceeding its pre-pandemic employment levels, according to federal statistics compiled by the Austin Chamber of Commerce. The Austin metro area has experienced an annual growth rate of 6.7%, representing the collective addition of 68,883 jobs since May 2021, according to the Texas Workforce Commission. The Austin metro area's unemployment rate remains below the Texas rate of 3.8% and the national rate of 3.4%. A string of major economic development wins just before and during the pandemic have helped the region regain its economic footing and elevated its profile nationally. They include Tesla's new $1.1 billion Travis County factory that started production in December, as well as the company's decision last October to relocate its headquarters here. In addition, chipmaker Samsung is building a $17 billion manufacturing plant in Taylor, a Williamson County suburb of Austin, while software giant Oracle announced in December 2020 that it was moving its corporate headquarters to Austin.