AUSTIN, Texas – According to data released today from the Texas Workforce Commission, the Austin-Round Rock MSA* unemployment rate increased slightly from April 2024 to May 2024, and is now at 3.2%**, as represented by 47,011 unemployed residents. Key takeaways include:
- The Austin metro unemployment rate remains below the Texas (3.8%) and national rate (3.7%) in May.
- According to TWC, the Austin metro gained 5,000 jobs from April to May. The region has experienced an annual growth rate of 2.1%, representing the collective addition of 27,600 jobs since May 2023.
- Furthermore, TWC reports unemployment in the Capital Area/Travis County region*** increased slightly to 3.1% from April to May, representing 27,209 unemployed residents.
- Note: The unemployment data released today is not seasonally adjusted.
May Job Growth/Losses by Industry in the Austin-Round Rock MSA:
- Monthly Increases: Industries that experienced regional job growth from April to May include leisure and hospitality (3,800), mining, logging and construction (900) and government (800).
- Other industries that experienced monthly job growth include trade, transportation and utilities (300), other services (300), financial activities (200), manufacturing (200) and private education and health services (100).
- Monthly Decreases: Professional and business services (-1,300) and information (-300) experienced regional job losses from April to May.
- Annual Increases: Other services experienced the greatest regional job growth over the past 12 months with an increase of 6.5%, followed by mining, logging and construction (4.6%).
- Other industries that experienced annual job growth include leisure and hospitality (4.4%), private education and health services (3.6%), government (2.6%), trade, transportation and utilities (2.0%), financial activities (1.9%) and manufacturing (0.8%).
- Annual Decreases: Information (-4.2%) and professional and business services (-0.2%) experienced an annual decrease from May 2023 to May 2024.
On June 27, Workforce Solutions Capital Area will host a virtual financial literacy course provided by community bankers with Amplify Credit Union. During this event, individuals will learn about the fundamentals of banking, how to achieve and maintain financial stability and how to plan for their financial goals.
“Financial literacy courses help job seekers manage their income effectively, empowering them to make informed decisions about growing and saving their money,” Tamara Atkinson, CEO of Workforce Solutions Capital Area, said. “Through our partnership with Amplify Credit Union, we’re not just expanding access to essential fee-free banking services but are also able to provide regular financial learning opportunities for our community.”
Earlier this year, Amplify Credit Union and Workforce Solutions Capital Area announced a new partnership, enhancing access to banking services for Workforce Solutions job seekers and employees. As part of this agreement, Workforce Solutions clients and employees can receive tailored benefits from Amplify, such as automatic approval for checking and savings accounts and lower interest rates on lending products.
“Through strategic partnerships like this, we’re setting a new standard for supporting our workforce,” Mark Sherry, board chair for Workforce Solutions Capital Area, said. “Workforce Solutions Capital Area’s initiatives underscore our commitment to fostering economic empowerment for those starting their career journeys.”
Those interested can register or learn more about this course by visiting: https://www.wfscapitalarea.com/events/financial-wellness/Workforce Solutions Capital Area’s three career centers across Austin are available by phone, email, or in-person to serve residents and businesses impacted by economic changes caused by COVID-19. Residents seeking assistance can contact 512-454-9675 or visit wfscapitalarea.com to learn about services and resources for job seekers, employers, parents, and students.
Workforce Solutions Capital Area is the non-profit organization that serves as the leadership and governing body for the Austin/Travis County area workforce system. They are responsible for the planning, oversight, and evaluation of workforce development activities in the Capital Area. Learn more at WFSCapitalArea.com and follow along on Facebook, LinkedIn, Instagram, Twitter and YouTube.
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*The Austin-Round Rock Metropolitan Statistical Area includes Bastrop, Caldwell, Hays, Travis, and Williamson counties.
**Unemployment rates listed are not seasonally adjusted.
***The Capital Area Workforce Development Area includes Travis County.
