This just in: Austin led the nation’s big city job markets for the third month in a row. In fact, Austin was the ONLY large metropolitan area to add jobs between April 2008 and April 2009. With 3,400 new jobs, Austin employment grew at 0.4% during the period.
Since job growth is one of the strongest drivers of real estate values, it is a positive development for Austin’s downtown condo market and for broader home sales and prices.
Here is a summary from the Statesman:
By adding 3,400 jobs, Austin was not only ranked #1 but the only metropolitan area
The Austin area was the nation’s strongest big-city job market last month, according to a new report from the Bureau of Labor Statistics.
Among the 38 metro areas with a workforce of at least 750,000, Austin was the only one that gained jobs from April 2008 to April 2009, the bureau said. It was the third month in a row that Austin had earned that distinction.
Austin added 3,400 jobs in that period, a 0.4 percent gain, during that period.
Among other technology hubs, the Silicon Valley area lost jobs at a 4.4 percent annual rate in April. Portland, Ore., was down 4.7 percent, Seattle was down 3.4 percent and Raleigh, N.C., was down 3.3 percent.
Some smaller cities also racked up gains, including Midland, up 2.2 percent, and Odessa, up 2.9 percent.