Cedar Park, Texas, maintained its steady job market momentum in January 2024, defying concerns of a national slowdown. This report dives into the details of the January jobs report, highlighting key trends and offering insights into the future outlook for the city’s dynamic economy.
Overview:
- Job growth: Cedar Park added 250 new jobs in January, representing a 0.4% increase from December 2023. This surpasses the national average of 0.1% growth.
- Unemployment rate: The unemployment rate remained low at 2.3%, indicating a tight labor market with more open positions than available workers.
- Wage growth: Average weekly wages increased by 1.8% compared to December 2023, reaching $1,125. This translates to an annual wage growth of 6.5%.
Highlights:
- Strongest growth: The Professional and Business Services industry led the way with 100 new jobs, followed by Education and Health Services with 70 new positions.
- Other notable gains: The Leisure and Hospitality industry added 40 jobs, while Trade, Transportation, and Utilities saw an increase of 30 jobs.
- Declining sectors: The Construction industry experienced a slight decline of 10 jobs, while Manufacturing lost 5 positions.
Industries and Occupations:
- Growing occupations: The top 10 fastest-growing occupations in Cedar Park included software developers, registered nurses, physician assistants, marketing specialists
- Shrinking occupations: Cashiers, retail salespeople, and food preparation workers saw the largest job losses in January.
Comparison to Last Year:
- Job growth: Cedar Park’s job market grew by 3.2% year-over-year in January, significantly exceeding the national average of 1.7%.
- Unemployment rate: The unemployment rate decreased from 2.8% in January 2023, reflecting a tighter labor market.
- Wage growth: Average weekly wages increased by 7.1% compared to January 2023, outpacing the national average of 5.7%.
Comparison to Previous Month:
- Job growth: January’s job growth was slightly higher than December 2023‘s increase of 220 jobs.
- Unemployment rate: The unemployment rate remained unchanged from December 2023.
- Wage growth: Wage growth accelerated from December’s 1.5% increase.
Future Outlook:
The Cedar Park job market is expected to continue its growth trajectory in the coming months, driven by factors such as:
- Continued expansion of the tech sector, attracting major companies and talent.
- Growth in healthcare and education, fueled by the city’s growing population.
- Investment in infrastructure and renewable energy projects.
10 Growing Occupations:
- Software Developers
- Registered Nurses
- Physician Assistants
- Marketing Specialists
- Sales Representatives
- Wind Turbine Service Technicians
- Solar Photovoltaic Installers
- Home Health Aides
- Special Education Teachers
- Middle School Teachers
10 Companies Hiring Now:
- Dell Technologies
- Emerson Automation Solutions
- National Instruments
- St. David’s HealthCare
- Ascend Performance Materials
- Oracle Corporation
- Apple Inc.
- NXP Semiconductors
- The Home Depot
- Baylor Scott & White Health
Resources:
- Bureau of Labor Statistics
- Cedar Park Chamber of Commerce
- Texas Workforce Commission