What is leading to Austin’s growing economy? According to Barvin, a Texas-based property and investment management firm, more than 100 tech companies have relocated to Austin, creating an additional 5,000 jobs in the area and many notable tech companies over the last two years. Recent tech companies that have or announced relocation or expansion to Austin include Snap, Tik Tok, Facebook, Amazon, and Tesla. Over 500 new jobs were created from moves like this alone in May 2022. When major companies move, the jobs created are in the thousands. When Tesla expanded their operation to Austin, it created 10,000 jobs in total.
Austin’s unemployment rate is 2.5%, down from 3.2% in November 2021. Since April 2022, the city has had its lowest pandemic-era unemployment rate. Between February and March of this year, the Texas Workforce Commission reported the metro had gained 7,000 jobs. 95,600 jobs total were added to the local market from March 2021 to March 2022.