Tandy On Real Estate

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Employment

Chamber Report on High Tech

This week, the Austin Chamber of Commerce published a report on the High Tech Industry: https://www.austinchamber.com/blog/06-05-2018-high-tech-industry

• Nearly 6,500 employers in the Austin metro area are in high tech industries.
• Jobs in Austin’s tech industries total over 138,500, or 14.1% of all jobs, compared to 7.0% nationally.
• In 2017, jobs in Austin’s high tech industries grew by 4.3%, surpassing the metro’s 3.2% total job growth.

Annual average employment in high tech industries in the Austin MSA in 2017 was 138,544, up 4.3% from 2016. That’s a stronger gain than the 3.2% increase for employment across all industries. High tech jobs represent 14.1% of all Austin area jobs in 2017 and 18.5% of the year’s net new jobs. Nationally, high tech accounts for 7.0% of all jobs.

This is important to Austin and to the Real Estate community overall because of the quality of the these jobs.  For all industries, the average annual salary in Austin is $59,742, up 4.3% from 2016, while the average salary for high tech jobs is $112,771, up 6.2%.

Average Annual Salary Austin MSA

Average Annual Salary Austin MSA

High Tech Jobs Austin MSA

High Tech Jobs Austin MSA

The state of Texas’ South Region

Texas is almost like a country in itself with 12 economic regions including: High Plains, West, Northwest, Metroplex, Upper East, Capital, Central, Southeast, Upper Rio Grande, Alamo, Gulf Coast and South.

Today I would like to take a look at what we Texans call “the Valley”, to look at our economy and job growth.

The much talked about border towns of Texas are growing, as is the opportunity for jobs. Texas’ South Region is comprised of the 28 counties covering the Gulf Cost and Mexico border and offers a “young, growing workforce”. According to the Texas Comptroller, “the South Region added more than 138,600 jobs from 2004 to 2014, led by Hidalgo County. Its 26 percent job growth accounted for 37 percent of the region’s net new jobs.”

Here is how South Texas ranked against Texas and the US on Job Growth.

Job growth 2004 – 2014
South Texas – 20.1%
Texas – 21.7%
U.S. – 5.5%

In the Texas Comptroller’s Regional Snapshot, they conclude that “The South Region is one of Texas’ fastest growing and most diverse. It overlies a portion of the Eagle Ford Shale that has helped fuel the state’s energy resurgence. It also serves as a hub for shipping, farming and manufacturing. Meanwhile, tourists flock to shoreline destinations such as Corpus Christi and South Padre Island.

The region offers a dynamic workforce. Both birth and graduation rates top state averages. It has also added jobs at a faster rate than Texas as a whole, though wages lag significantly behind the state average. Rapid growth, coupled with drought conditions, has strained the region’s water supplies.

Thriving cities, agriculture and mining helped drive Texas’ largest consumption increase over the past decade. In all, the region offers much promise. It will remain relatively young and culturally dynamic  while supporting some of Texas’  key industries.”

Here is the rest of the story from the Comptroller.

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SOURCES:
http://stedc.tamucc.edu/rei/
https://www.comptroller.texas.gov/economy/docs/regions/region-10.pdf
http://eaglefordshale.com/

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