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State of Small Business in Austin, TexasSmall Business Festival | 05/02/16
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Economic Summary
Source: US Bureau of Labor Statistics, State and Area Employment, Hours, and Earnings, Series ID SMS48124200000000001, Seasonally Adjusted, and Local Area Unemployment Statistics, Series ID LAUCT480500000000003 and LAUMT481242000000003, Not Seasonally Adjusted. Data extracted on: Apr 26, 2016 (11:32:54 PM). See ATC website for tech methodology.
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
May-00
Mar-91
Dec-01
Mar-07
Sept-09
Mar-16
Total Nonfarm Job Growth, 12-Month % ChangeAustin-Round Rock, TX MSAMarch ’16 – 44 consecutive
months of total nonfarm job growth of 4.0% or better on 12-month % change basis.
Unemployment rate in Austin city (2.7%) and region (3.1%) is lowest since late ‘99-early ‘00 before dot-com bust.
28% job growth in tech sector during 2010-15, #2 among all regions with 50,000 or more tech employees (EMSI).
Employment in mobile/SaaS approximately doubled.
3Source: Mike Maciag, Governing, The Counties Where Wealthier People Are Moving. Data in text box is from U.S. Census Bureau, 2014 American Community Survey, 1-Year Estimates.
The Human Capital
For every 4 people age 25+ that Austin (city) gained 2006-2014, 1 of them had graduate degree – +39,197 graduate degree holders with median earnings of $63,089 per year.
Austin (city) gained 13,770 households earning at least $150,000/year 2006-2014 – 41% growth rate placing ATX among national outliers like Washington DC (40%).
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No HS Diploma
HS Diploma
Some College/Associate Degree
Bachelor's+
$40,434
$49,554
$59,739
$95,598
Economic Segregation
Average Annual Earnings and Maximum Affordable Monthly Housing Costs in Travis County for Workers Age 25+ by Educational Attainment and Race/Ethnicity (2014)
Source: US Census Bureau, Quarterly Workforce Indicators. Average earnings include gross wages and salaries, bonuses, stock options, tips, and other gratuities, and the value of meals and lodging (no benefits); sometimes referred to as unemployment insurance (UI) wages. Percentages are averages of quarterly data for 2014. Race categories (Asian, White, Black) are Race Alone and Hispanic/Latino is Any Race. Affordability is ≤ 30% income.
48% of Travis County residents age 25-64 do not have a completed postsecondary degree (2014 ACS, 1-Yr Estimates).
Black
Hispanic/Latino
White
Asian
$40,020
$42,045
$62,079
$77,538
$1,552
$1,051
$1,001
$1,938
$1,493
$1,239
$1,011
$2,390
5Source: Kauffman Foundation, Kauffman Index, Metropolitan Area Rankings for Startup Activity.
6Source: Kauffman Foundation, Kauffman Index, Metropolitan Area Rankings for Startup Activity.
7Source: Kauffman Foundation, Kauffman Index, Metropolitan Area Rankings for Startup Activity.
1. Miami 8.69%
2. Nashville 8.12%
3. Portland 8.02%
4. Austin 7.97%
5. LA 7.76%
8Source: Kauffman Foundation, Kauffman Index, Entrepreneurial Demographics, Austin-Round Rock MSA Profile.
Austin is top 5 in:
Female Biz Owners (#4)Age 20-34 Biz Owners (#3)Age 55-64 Biz Owners (#2)
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Small Business Development – An Equity Strategy?
Plenty of people starting businesses in Austin, but not growing—by choice or struggling to overcome barriers?
Source: US Census Bureau, 2012 Survey of Business Owners, Table SB1200CSA01. Release Date : 12/15/2015. Accessed: 04/27/2016.*Includes all firms classifiable by gender, ethnicity, race, and veteran status and not total universe of firms (e.g., no publicly held firms).
Ownership Average Sales With Employees Average Pay
Asian $398,063 29% $35,171
Male $673,168 23% $44,219
White $501,880 20% $42,141
Female $150,694 12% $31,600
Hispanic $103,386 8% $34,105
Black $111,324 7% $25,813
All Firms* $456,346 19% $41,441
Characteristics of Business Owners in Austin (city), 2012
