WORKFORCE LOCAL AREA EMPLOYMENT STATISTICS (LAUS)

AUGUST 2018

WORKFORCE LOCAL AREA EMPLOYMENT STATISTICS (LAUS)

1,200,000 1,100,000 1,000,000 900,000 Labor Force Employment 1,152,626 1,116,938 800,000 700,000 600,000 500,000 2016 to 2017: 35957 (3.1%) added to labor force 36823 (3.3%) added to employment 866 (2.4%) subtracted from unemployed 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Texas Workforce Commission, LAUS.

6% 5% 4% 3% 2% 1% 0% Labor Force Employment -1% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Texas Workforce Commission, LAUS.

1,200,000 1,150,000 1,100,000 1,050,000 1,000,000 950,000 900,000 Labor Force Employment 850,000 2013 2014 2015 2016 2017 Source: Texas Workforce Commission, LAUS.

Austin MSA Texas United States 4% 3% 3.1% 3.3% 2% 1% 1.6% 0.7% 2.0% 1.2% 0% Labor Force Employment Source: Texas Workforce Commission, LAUS.

80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 Unemployed Unemployment Rate 8% 7% 6% 5% 4% 3% 2% 1% 0 2000 2002 2004 2006 2008 2010 2012 2014 2016 0% Source: Texas Workforce Commission, LAUS.

60,000 50,000 40,000 30,000 20,000 10,000 Unemployed Unemployment Rate NSA Unemployment Rate SA 7% 6% 5% 4% 3% 2% 1% 0 2013 2014 2015 2016 2017 0% Source: Texas Workforce Commission & Federal Reserve Bank of Dallas, LAUS.

Austin Texas United States 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Texas Workforce Commission, LAUS.

Unemployment Rate Difference Rank 2016 2017 Denver MSA 3.1% 2.7% -0.3 1 San Francisco MDiv 3.2 2.8-0.4 2 Nashville MSA 3.7 2.9-0.8 3 Austin MSA 3.3 3.1-0.2 4 Minneapolis 3.5 3.2-0.4 5 Boston NECTADiv 3.3 3.2-0.1 6 San Jose MSA 3.9 3.3-0.6 7 Indianapolis MSA 4.1 3.3-0.8 8 Silver Spring MDiv 3.5 3.3-0.2 9 San Antonio MSA 3.8 3.5-0.3 10 Source: U.S. Bureau of Labor Statistics, LAUS.

WORKFORCE CURRENT EMPLOYMENT STATISTICS (CES)

772,100 791,000 774,300 785,600 811,900 844,400 884,000 923,100 963,300 1,000,500 1,032,600 1,200,000 1,000,000 800,000 600,000 400,000 200,000-2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Texas Workforce Commission, Current Employment Statistics (CES).

1,075,000 1,050,000 1,025,000 1,000,000 975,000 950,000 925,000 900,000 875,000 850,000 825,000 800,000 775,000 750,000 725,000 Not Seasonally Adjusted Seasonally Adjusted Austin added 33,800 jobs (3.3%) in the 12 months ending Dec. 17. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Texas Workforce Commission, CES.

Millions Austin MSA 1,100,000 1,050,000 1,000,000 950,000 900,000 850,000 800,000 750,000 700,000 650,000 600,000 550,000 500,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Texas Workforce Commission, CES. United States 170 165 160 155 150 145 140 135 130 125 120 115 110

Millions 50,000 40,000 30,000 20,000 10,000 0 (10,000) (20,000) (30,000) (40,000) Austin MSA United States '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 10 8 6 4 2 - (2) (4) (6) (8) Source: Texas Workforce Commission & U.S. Bureau of Labor Statistics, CES.

Thousands 50,000 40,000 30,000 20,000 10,000 0 (10,000) (20,000) (30,000) (40,000) (50,000) Austin MSA Texas '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 500 400 300 200 100 - (100) (200) (300) (400) (500) Source: Texas Workforce Commission & U.S. Bureau of Labor Statistics, CES.

Austin MSA Texas United States 4% 3% 3.2% 2% 1.8% 1.6% 1% 0% Source: Texas Workforce Commission & U.S. Bureau of Labor Statistics, CES.

Nonfarm payroll jobs 2017 Difference 2016-2017 Percent Ch. Riverside MSA 1,451,600 49,700 3.5% 1 Austin MSA 1,032,600 32,100 3.2 2 Nashville MSA 980,000 30,100 3.2 3 Orlando MSA 1,247,100 38,200 3.2 4 Jacksonville MSA 689,700 21,100 3.2 5 Charlotte MSA 1,181,500 33,600 2.9 6 Las Vegas MSA 976,800 27,300 2.9 7 Dallas MDiv 2,567,100 70,800 2.8 8 Phoenix MSA 2,034,100 54,900 2.8 9 Seattle MDiv 1,688,000 43,800 2.7 10 Source: U.S. Bureau of Labor Statistics, CES. Rank

9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - (1,000) (2,000) (3,000) (4,000) (5,000) (6,000) (7,000) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Texas Workforce Commission, CES.

12,000 10,000 8,000 6,000 4,000 2,000 - (2,000) (4,000) (6,000) (8,000) (10,000) (12,000) Private Goods Producing Private Service Providing Government Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: Texas Workforce Commission, CES. Net job creation for the 12 months ending December 2017: +4,000 private goods producing jobs +33,300 private service providing jobs -3,500 government jobs

Other services 44,900 4.3% Construction & nat res 61,500 6.0% Leisure & hospitality 125,900 12.2% Source: Texas Workforce Commission, CES. Government 179,800 17.4% Education & health services 120,300 11.6% Prof & business services 176,300 17.1% Manufacturing 57,100 5.5% Retail trade 105,400 10.2% Wholesale trade 51,500 5.0% Transp, warehousing, & utilties Information 20,200 30,100 2.0% 2.9% Financial activities 59,700 5.8%

2016 2017 Construction & nat res Manufacturing Wholesale trade Retail trade Transp, warehousing, & utilties Information Financial activities Prof & business services Education & health services Leisure & hospitality Other services Government 58,800 61,500 55,800 57,100 49,500 51,500 18,400 20,200 28,900 30,100 56,800 59,700 43,800 44,900 104,000 105,400 115,600 120,300 122,000 125,900 169,100 176,300 178,100 179,800 Source: Texas Workforce Commission, CES.

Construction & nat res Manufacturing Wholesale trade Retail trade Transp, warehousing, & utilties Information Financial activities Prof & business services Education & health services Leisure & hospitality Other services Government 10,000 8,000 6,000 4,000 2,000 0 Difference Percent Change 10% 8% 6% 4% 2% 0% Source: Texas Workforce Commission, CES.

Construction & nat res Manufacturing Wholesale trade Retail trade Transp, warehousing, & utilties Information Financial activities Prof & business services Education & health services Leisure & hospitality Other services Government 10,000 8,000 6,000 4,000 2,000 0 Difference Austin % Ch. Austin % Ch. Texas % Ch. U.S. 10% 8% 6% 4% 2% 0% Source: Texas Workforce Commission, CES.

Const & natural resources Manufacturing Wholesale trade Retail trade Transp & utilties Information Financial activities Prof & business services Education & health services Leisure & hospitality Other services Government 10% 8% 6% 4% 2% 0% Austin MSA Texas United States Source: Texas Workforce Commission, CES.

WORKFORCE Local Area Unemployment Statistics (LAUS) & Current Employment Statistics (CES)

1,200,000 Employees on Nonfarm Payrolls (CES) Employment (LAUS) 1,100,000 1,000,000 900,000 800,000 700,000 600,000 2000 2002 2004 2006 2008 2010 2012 2014 2016 Source: Texas Workforce Commission.

Index, Jan. 2007=100 145 140 135 130 125 120 115 110 105 Employees on Nonfarm Payrolls (CES) Employment (LAUS) 100 2007 2009 2011 2013 2015 2017 Source: Texas Workforce Commission.

Employees on Nonfarm Payrolls (CES) Employment (LAUS) 60,000 50,000 40,000 30,000 20,000 10,000 - (10,000) (20,000) (30,000) 2000 2002 2004 2006 2008 2010 2012 2014 2016 Source: Texas Workforce Commission.

WORKFORCE Current Employment Statistics (CES) & Quarterly Census of Employment & Wages (QCEW)

50,000 40,000 30,000 20,000 CES QCEW 10,000 - (10,000) (20,000) (30,000) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Texas Workforce Commission. QCEW data lag CES estimate by several months, however QCEW data is based universe counts rather than sample based survey estimates. Preliminary CES data is revised annually based on QCEW data and other adjustments.

Not Seasonally Adj. Seasonally Adj. (TWC) Seasonally Adj (Dallas Fed) 1,070,000 1,050,000 1,030,000 1,010,000 990,000 970,000 950,000 2016 2017 The Dallas Fed revises their series quarterly based on QCEW releases, while BLS/TWC benchmark CES data to QCEW only annually. Sources: Texas Workforce Commission & Federal Reserve Bank of Dallas (CES).

WORKFORCE AVERAGE WEEKLY HOURS AND AVERAGE HOURLY EARNINGS

37.0 Austin MSA Texas United States 36.5 36.0 35.5 35.0 34.5 34.0 33.5 33.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: U.S. Bureau of Labor Statistics, CES.

Austin MSA Texas United States 37.5 37.0 36.5 36.0 35.5 35.0 34.5 34.0 33.5 33.0 2013 2014 2015 2016 2017 Source: U.S. Bureau of Labor Statistics, CES.

Austin MSA Texas United States $29 $28 $27 $26 $25 $24 $23 $22 $21 $20 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: U.S. Bureau of Labor Statistics, CES.

Austin MSA Texas United States $30 $29 $28 $27 $26 $25 $24 $23 $22 $21 $20 2013 2014 2015 2016 2017 Source: U.S. Bureau of Labor Statistics, CES.

BUSINESS CYCLE INDEX

Index, Oct. 1980=100 900 800 700 600 500 The index summarizes movements in: Nonagricultural employment The unemployment rate Inflation-adjusted wages Inflation-adjusted retail sales 400 300 200 Source: Federal Reserve Bank of Dallas.

1.0% 0.8% 0.6% 0.4% 0.2% 0.0% -0.2% -0.4% -0.6% Source: Federal Reserve Bank of Dallas.

1.0% 0.8% 0.6% 0.4% 0.2% 0.0% -0.2% -0.4% -0.6% Austin MSA Texas Source: Federal Reserve Bank of Dallas.

Austin Dallas Ft.Worth Houston San Antonio 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% -0.2% -0.4% -0.6% -0.8% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Federal Reserve Bank of Dallas

Austin Dallas Ft.Worth Houston San Antonio 7% 6.6% 6% 5% 4.5% 4% 3% 3.3% 3.5% 2% 1% 1.3% 0% Source: Federal Reserve Bank of Dallas.

Index, 1987=100 135 130 125 120 115 110 105 100 Index % Ch. 8% 6% 4% 2% 0% -2% -4% -6% 95 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Federal Reserve Bank of Dallas. -8%

HOUSING MARKET PERMITS

30,000 Single Family Multifamily 25,000 20,000 15,000 10,000 5,000 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: U.S. Census Bureau.

4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 Single Family Multifamily 0 2013 2014 2015 2016 2017 Source: U.S. Census Bureau.

25% 20% 15% 10% 5% 0% -5% Austin MSA United States -10% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: U.S. Census Bureau.

Millions Single Family Multifamily $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: U.S. Census Bureau.

Millions Single Family Multifamily $600 $550 $500 $450 $400 $350 $300 $250 $200 $150 $100 $50 $0 2013 2014 2015 2016 2017 Source: U.S. Census Bureau.

Units Value Austin MSA United States Austin MSA United States 25% 25% 20% 20% 15% 15% 10% 10% 5% 5% 0% 0% -5% -5% -10% Total Single-family Multifamily -10% Total Single-family Multifamily Source: U.S. Census Bureau.

HOUSING MARKET HOME SALES & PRICES

4,000 3,500 3,000 2013-2014: +0.6% 2014-2015: +4.2% 2015-2016: +4.1% 2016-2017: +3.8% 2,500 2,000 1,500 1,000 500 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Real Estate Center at Texas A&M University.

60% Austin MSA Texas United States 40% 20% 0% -20% -40% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Real Estate Center at Texas A&M University.

14 Austin Texas United States 12 10 8 6 4 2 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Real Estate Center at Texas A&M University & National Association of Realtors.

$320,000 $300,000 $280,000 $260,000 $240,000 $220,000 $200,000 Austin MSA United States $180,000 2016 Dec 2017 Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017 Jul 2017 Aug 2017 Sep 2017 Oct 2017 Nov 2017 Dec Source: Real Estate Center at Texas A&M University & National Association of Realtors.

Austin MSA Texas United States 7% 6% 5.4% 6.2% 5.7% 5% 4% 3% 2% 1% 0% Source: Real Estate Center at Texas A&M University & National Association of Realtors.

90% 80% 70% Austin MSA United States 60% 50% 40% 30% The HOI is a measure of the % of homes sold in a given area during the quarter that are affordable to households earning that area s median family income. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: National Association of Home Builders.

COMMERCIAL REAL ESTATE

16% Vacancy Rate Lease Rate $40 14% $35 12% $30 10% $25 8% $20 6% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: CoStar. $15

14% 12% 10% 8% 6% 4% Vacancy Rate Lease Rate $14 $12 $10 $8 $6 $4 2% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: CoStar. $2

8% 7% 6% 5% 4% 3% Vacancy Rate Lease Rate $24 $21 $18 $15 $12 $9 2% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: CoStar. $6

SALES TAX & RETAIL SALES

Millions $250 City of Austin Austin MTA City of Round Rock City of San Marcos $200 $150 $100 $50 $0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Texas Comptroller of Public Accounts.

Billions $35 $30 $25 $20 $15 $10 $5 $0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Texas Comptroller of Public Accounts.

Billions of 2017 Q1 Dollars $45 $40 $35 $30 $25 $20 $15 $10 $5 $0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Federal Reserve Bank of Dallas.

VENTURE CAPITAL

$1,200 $1,000 $800 $600 $400 $200 Austin MSA United States $90,000 $75,000 $60,000 $45,000 $30,000 $15,000 $0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: PwC/CB Insights MoneyTree Survey. $0

Millions VC Investment in Austin $1,200 $1,000 $800 Austin as a % of Total U.S. VC Investment 3.0% 2.5% 2.0% $600 $400 $200 $0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: PwC/CB Insights MoneyTree Survey. 1.5% 1.0% 0.5% 0.0%

Millions $16 Austin MSA Texas United States $14 $12 $10 $8 $6 $4 $2 $0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: PwC/CB Insights MoneyTree Survey.

PATENT ACTIVITY

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Source: U.S. Patent & Trademark Office.

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 40% 35% 30% 25% 20% 15% 10% 5% 0% Source: U.S. Patent & Trademark Office.

AIR SERVICE

Millions 14 12 10 8 8.89 9.05 8.22 8.64 9.08 9.43 10.02 10.72 11.90 12.44 13.89 6 4 2 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Austin-Bergstrom International Airport.

Passengers Passengers, 12-Mo. Moving Avg. 1,400,000 1,300,000 1,200,000 1,100,000 1,000,000 900,000 800,000 700,000 600,000 500,000 2013 2014 2015 2016 2017 Source: Austin-Bergstrom International Airport.

2017 2016 2015 2014 2013 1,400,000 1,300,000 1,200,000 1,100,000 1,000,000 900,000 800,000 700,000 600,000 500,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: Austin-Bergstrom International Airport.

Index, 2007=100 170 160 150 140 130 120 110 100 ABIA United States 90 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Austin-Bergstrom International Airport & U.S. Bureau of Transportation Statistics.

Millions of Pounds 250 200 150 211 202 156 153 153 156 159 155 157 175 189 100 50 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Austin-Bergstrom International Airport.

Millions of Pounds 18 17 Cargo Cargo, 12-Mo. Moving Avg. 16 15 14 13 12 11 10 2013 2014 2015 2016 2017 Source: Austin-Bergstrom International Airport.

15% 10% 5% 0% -5% -10% -15% -20% -25% Passengers Cargo 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Austin-Bergstrom International Airport.

Beverly Kerr, Vice President, Research bkerr@ 512.322.5641 Chris Ramser, Director, Research cramser@ 512.322.5662 This file & latest monthly report/spreadsheets: www./economic-development/business-climate/the-economy Bi-monthly Central Texas Economy in Perspective articles: www./economic-development/business-climate/economic-perspective