August 9, 2017 Comments Off on 2.9% Unemployment is Lowest in 16 Years Views: 690 Austin, Texas News

2.9% Unemployment is Lowest in 16 Years

Austin’s unemployment rate fell for a third consecutive month in June 2017 to 2.9%. The metric is the metro’s lowest in 16 years, according to the Federal Reserve Bank of Dallas’ Economic Indicators report. Though unemployment was low, jobs increased only by a 0.6% annualized pace in Q2 2017. Dallas Fed analysts note that the job growth, which was a drag on Austin’s Business-Cycle Index, could be partially due to further tightening labor markets.

Meanwhile, new-home construction permitting was at its highest level since 2005, led by multifamily activity. Single-family activity also was near 10-year highs. Single-family housing inventories remained low, with existing-home sales continuing to hit record highs. The median home price in Austin — $291,405 – held steady, and was still the highest among Texas’ four metros.

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