According to a recent report released by Forbes, Austin has the third best employment opportunities in the nation. The capital city earned this distinction for a multitude of reasons, with the primary reasons cited by the publication being:
- The city’s relatively low unemployment rate, which is currently sitting at about 7.0 percent
- The relatively low job-seekers to employment openings ratio, which is currently at about 2.39 to 1
According to Forbes, there are many reasons why Austin has managed to maintain a low unemployment rate. Aside from being a state capital, Austin is also a major convention center. As such, Austin plays an integral role in the music industry. Other aspects that have helped the city thrive include the fact that a number of technology companies are based in the capital city combined with the fact that Austin is home to the University of Texas.
In addition to being a major hub for technology, Austin is also a leader in the green movement. Just this past October, for example, officials from the capital city announced that a new Eco-Merge Green Corporate Center will be coming to the city. This center will focus on producing new forms of technology. Officials have also reported that several international firms have plans to open up facilities in Austin. These include Toshiba and Taiwan Clean Energy.
Austin’s ranking on Forbes most recent list isn’t the first time the capital city has found itself on a Forbes “best of” list. In fact, Forbes selected Austin as the number one city most likely to see an economic recovery, the second most innovative city, the eighth best city for businesses and careers and the tenth best city for young professionals.
In respect to this most recent list, Washington, D.C. took the number one position. This is largely due to the fact that the nation’s capital currently has the lowest unemployment rate and has approximately one advertised job for every job seeker. On the other end of the spectrum, Las Vegas was ranked as having the worst job market. With an unemployment rate of 14.3%, Las Vegas is a long way from the 6% unemployment rate currently enjoyed in D.C.