The Americans for Prosperity Foundation reports that Texas added more jobs to its job market than any other state during the month of May. In fact, the study found that the state added 43,600 jobs to its employment roster. In addition, the Texas Workforce Commission and the United States Bureau of Labor Statistics have found that Texas enjoyed the greatest amount of growth within the non-agricultural job market when comparing month to month while also achieving the greatest monthly increase over a three year period. In the Austin region alone, about 2,000 jobs were added in May. This is certainly good news for all of Austin’s residents, including those who have managed to hold onto a job throughout the recession, as the addition of jobs is indicative of a recovering economy. Clearly, the sooner the city’s economy recovers, the sooner things can move back to a more normal pace within the capital city.
“Individuals and businesses are flocking to Texas during these rough economic times.” Said Peggy Venable, who is the State Director of the Americans for Prosperity Foundation. “The reason for this is clear – our business environment is competitive, taxes are low, and we have no income tax. All of the right elements are in place to ensure prosperity and opportunity in our state.”
On a national level, the unemployment rate hit 9.7% during the month of May, but feel to 6.9% from 7% in the capital city. Undoubtedly, Austinites are hopeful that this trend will continue over the months ahead. As the housing market appears to be leveling out within the capital city, experts are confident that unemployment – and the economy in general – will continue to move in a positive direction in Austin as well as in the rest of the state of Texas.