As we roll into 2023, Austin remains a veritable hotbed for employment opportunities and advancement. Within the last decade, this capital of the Lone Star State has rivaled other cities like New York and San Francisco as a tech and startup hub, home to the next generation of entrepreneurs and the career minded looking for a place to call their professional home.
In last month’s blog, we examined several of the Austin job market’s wins over 2022, including a consistently low unemployment rate, high-climbing job growth across several industries and verticals and a steady, strong economy. As more and more companies move to the greater Austin metro area, they need talent — but challenges still exist in filling those roles.
Here’s why there’s a hiring urgency in Austin, and how companies — some of the biggest in the nation — look to address this issue in 2023.
Market Stats Point to Prosperous 2023
At 2.9 percent, October’s citywide unemployment rate was one percentage point lower than the statewide equivalent. November’s unemployment was even better; according to the Austin Chamber of Commerce, a 2.8 seasonally adjusted percent unemployment rate points to further improvement in the job market as we go through the first quarter of the New Year.
But the best standout news closing 2022’s Q4 is that Austin added a total of 57,300 jobs in the 12-month period ending last November, a 4.7 percent growth rate placing the city 17th among the top 50 performing largest metros.
Meet Austin’s Top Companies
Austin is home to some of the country’s larger and more well-recognized companies. The top five in late November 2022, according to the Austin Business Journal, include:
- H-E-B: This Texas grocery chain employs nearly 21,000 people in Austin alone.
- Dell Technologies: This computer and technology company headquartered in the Austin area has 13,000 employees.
- Ascension Texas: Just over 12,000 people are employed with this healthcare provider.
- Amazon: According to the Business Journal, 11,000 people work for this Internet retail giant.
- St. David’s Healthcare: Hospitals under the St. David’s banner are home to nearly 11,000 employees.
Economic Uncertainty May Spawn New Startups
Global economic conditions continue to pose risks to business and industry — energy price shocks, slowed growth in the form of restricted monetary policies and higher real estate interest rates and lastly, higher inflation.
But these challenges may prompt the creation and growth of more businesses in Austin, particularly startups. It’s in times of economic ambiguity that new businesses may travel outside their comfort zones, doubling down on making investments into business growth.
In fact, in this first quarter of 2023 we could see the next new generation of startups born in Austin, according to the Austin Business Journal, which recently quoted a prescient forecast from venture capital firm Sequoia Capital: “Many legendary companies are forged during challenging environments as competition thins, real businesses get built and the opportunity for innovation is seized by those who see it.”
The Business Journal continues: “Tough times force companies to focus on profitability and growing as lean as possible, giving them a stronger financial foundation and clarity about their mission. … Times of economic contraction often mean less competition because fewer people are willing to take risks.”
Jobs Available in Austin
Given startups’ prospects in Silicon Hill, a hiring urgency in Austin also relies strongly on more companies moving into Austin and, with them, the creation of more job openings with higher-paying wages.
According to Workforce Solutions, a workforce development organization in the Austin area, Austin is the number one metro in the entire country for job creation as of late 2022. Between the five-year period of 2016 and 2021, Austin experienced a 16 percent job growth rate; an additional 12.5 percent is expected through 2026.
With job growth means job vacancies. Workforce Solutions notes that entering Q4 2022, there were 47,000 unfilled jobs in the Austin area — 15,000 more than the year prior. The group, which provides training, job placement and unemployment assistance, notes that local industries with significant growth are health care, information technology, manufacturing and skilled trades. Transit is another burgeoning industry, in addition to leisure and hospitality.
Find Career Connections With Accountability Resources
Several industries are experiencing significant growth in Austin, and the field of accounting and finance is no exception. If you’re looking to advance your career with some of the top A&F firms in the local industry — or seeking to transition into the sector — Accountability Resources can help. As the leading staffing and recruiting firm in Austin, it’s our mission to help job seekers find their next career opportunity with some of the top companies in the area. Don’t delay — we can connect you with your next experience right now. Ready to get started? Contact us today.