The Austin unemployment rate is creeping higher, the Austin Business Journal reports. While still tied for the lowest in Texas, it is on the upswing.
According to the Texas Workforce Commission, the unemployment rate was 3.5 percent in September. That’s an increase of .2 percent from last September, when the jobless rate was 3.3 percent. Austin’s employed labor force is currently 1.1 million, which is 300,00 more than a year ago. 1.07 million of those people are employed at the moment.
That 3.5 percent unemployment rate ties it with Amarillo. Amarillo has 126,900 employed people out of a 131,500 strong workforce.
Texas’ unemployment rate was 4.8 percent last month, which brings it closer to the national average of 5 percent. That’s an increase of .4 percent over September 2015. The unemployment rate a year ago was 4.5 percent with 12.7 million workers who were employed out of a total workforce of 13.4 million.
Despite the increase in the unemployment rate, Texas added 38,300 jobs last month.
Speaking of workers, those workers need office space in which to do their job. The Austin Business Journal reports that as of the end of September, downtown office space in Austin is more expensive than Chicago or LA.
Downtown Austin is the seventh most expensive place to rent office space at $53.67 per square foot. That makes it more expensive than Chicago, Los Angeles, Seattle, and Miami. However New York City is still tops the list at $85.63 per square foot.