Austin Economic Indicators - Dallasfed.org

Austin economy dashboard (November 2024)
Job growth (annualized) Aug.–Nov. ’24	Unemployment rate	Avg. hourly earnings	Avg. hourly earnings growth y/y
3.2%	3.5%	$35.15	4.5%

Austin experienced modest employment growth in November accompanied by a stable unemployment rate. Average hourly wages were up, and retail sales tax collections were flat.

Business-cycle index

The Austin Business-Cycle Index, a broad measure of economic activity, grew an annualized 3.5 percent in November, slower than the 3.8 percent gain in October (Chart 1). Year over year, the index was up 1.1 percent.

Chart 1

Labor market

Unemployment steady

Austin’s unemployment rate remained at 3.5 percent in November, below the state and national rates of 4.2 percent (Chart 2). In November, the local labor force held steady, while the state’s increased 3.1 percent and the nation’s contracted 1.4 percent.

Chart 2

Employment growth continues

Austin employment grew an annualized 2.2 percent in November, slower than the 3.0 percent growth in October. Job growth was 3.2 percent over the three months ending in November (Chart 3). Growth was broad based, with the greatest gains seen in professional and business services (2,700 jobs) and government (2,700 jobs). Sectors that saw declines included leisure and hospitality (600 jobs) and manufacturing (500 jobs). Year to date in November, Austin’s employment growth was sluggish at an annualized 0.5 percent, slower than the state’s 1.6 percent increase and the nation’s 1.4 percent growth.

Chart 3

Wages increase

In November, Austin’s average hourly wage was $35.15, up from October. The three-month moving average for wages increased an annualized 6.2 percent in November to $34.89, lower than the nation’s average of $35.47 but higher than the state’s rate of $33.41 (Chart 4). Year over year, Austin’s 4.5 percent wage growth was slower than the state’s gain of 5.0 percent but faster than the nation’s 4.0 percent growth.

Chart 4

Sales tax collections

In November, the three-month moving average of Austin’s inflation-adjusted sales tax collections decreased 0.5 percent, while the state’s collections grew 1.2 percent (Chart 5). Year over year, the metro’s sales tax collections were down 0.5 percent, while Texas’ collections rose 4.5 percent.

Chart 5