Posted by Jim Olenbush on Friday, February 5th, 2010 at 2:00pm.
According to the Texas Workforce Commission, unemployment levels within the Austin and Round Rock area fell by 6.9% in November. While this is still up from the 4.9% rate that the area was experiencing just one year ago, it does represent a decline in unemployment when compared to the previous month.
Previous data indicated that the unemployment rate in the Austin and Round Rock area was 7.2% in October. Compared to the state average of 7.9%, the Austin and Round Rock area is doing quite well with its 6.9% rate. This pattern remains true to the rates from the previous month, with the statewide unemployment rates being at 8.1% in October compared to the 7.2% rate of the Austin and Round Rock area. Similarly, the state had a 5.4% unemployment rate one month ago, while the Austin and Round Rock area had an unemployment rate of 4.9%.
According to an article in Biz Journals, there are currently about 12.1 million workers in the Texas workforce. Approximately 905,495 of those workers are unemployed. Jobs within the manufacturing industry are particularly experiencing a great of difficulty, as reports indicate that this industry has experienced the greatest loss within the Austin metro area and has lost 11.2% of its jobs since November of last year. The mining, logging and construction industry has also experienced a significant loss, posting a 7.1% year over year loss. Other industries that have also suffered include transportation, trade, information and utilities.
On the other hand, some industries have actually added jobs over the past year. The education and health industries, for example, posted an increase in jobs of 4%. The leisure and hospitality industry also enjoyed an increase in employment opportunities over the past year, with a gain of 3.5%. Other areas that experienced a gain include professional services and government.