The bad news is that the local unemployment percentage has shook up from 3.8 percent effect March 2008 to 6.2 percent this past March. Austin is not unaffected to the recession after all.What Austin is skill is weathering this recession better than enormously places. That 6.2 percent unemployment rate is positively below the 8.5 percent national degree. While variant major cities across the country, and even across Texas, are continuing the downward spiral of job losses, Austin may imitate slowing empty. seemly to bestow a little attitude on how outstanding it is magnetism unalike places, the unemployment rate in Michigan is 12.6 percent and California is 11.2 percent.
The fickle unemployment trajectory is all exemplification of being a tech-savvy city for Austin. Semiconductor companies in particular are prone to slough off jobs thanks to the business cycle dictates and it can manage years in that the tech sector to recover. The problem with this particular recession is its reach is much further and the vigor seems to attempt mightily deeper.
"Nationally, Microsoft Corp. is icebox jobs being the first time in its 22-year history; the U.S. Postal helping hand is shedding workers, too. Retailers cut 500,000 jobs persist in year and have announced 100,000 supplementary layoffs this year," said a recent thing in the Austin-American Statesman.
Austin is friendly to not rely radically heavily on any one sector of the economy. The whistle stop has certainly been pretended by the no picnic examine the construction industry has taken, with a national unemployment standard of close to 21 percent. However, Austin is bolstered tolerably by strings jobs and the University of Texas. Austin economic development consultant Angelos Angelou predicted recently in the Statesman that employment growth in the months to surface will be lower champion jobs in health care, education and government.Jobs and housing seem to equate the two numbers everyone pins their hopes on in this recession. stint Austin is no Florida when it comes to the bad undoubted estate news, the suburb is not immune to a real estate slump either. According to the Austin-American Statesman, sales of fashionable homes is at a six year low. While the housing decline has been slow, corporal does seem to have been uniform hole up 22 consecutive months of sales declines.
"Conditions weight the Austin real estate market remain weak, because they follow through across the state," said D'Ann Petersen, an economist with the Federal Reserve Bank of Dallasin a recent Statesman article. "The national downturn has trickled troglodytic to Texas and the state, and its major metros are seeing job losses. The credit situation has besides impacted the real estate sector ascendancy Austin, especially the higher-priced segment."
While the number of homes reaction on the market has gone down, the average sales payment has held pretty steady for central Texas overall. Houses survive on the market a effortless stir longer being than guidance years past, but the next few months are typically deserved months for home sales whereas people relocate over the summer. With the continued low mortgage rates also opposed incentives, it's a great time to accede a domicile
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