national unemployment rate

Job growth is a requirement for real estate appreciation in a normal market. While this still isn't a normal market, the latest Central Texas employment numbers provide hope that normalcy may someday return.

According to the Texas Workforce Commission, the Austin-San Marcos-Round Rock metropolitan area added 17,300 jobs over the last 12 month period.

This 2.3 percent increase dropped the unemployment rate from 7.2% in August to 6.8% in September. In comparison, the national unemployment rate is still 9.2% and the Texas unemployment rate is 7.9%.

According to Forbes.com, the Austin-Round Rock area tied for first on a list of large metropolitan areas where the recession is easing.

The report listed Austin and Washington D.C. as the two top cities in terms of economic recovery.

The report considered a number of factors including local economic output, job growth and real estate industry trends.

While the national unemployment rate hovers at 9.7%, the comparable rate in Austin is 7.6% (up from 7% a month ago).

Washington D.C. has a 6.2% unemployment rate.

As you may recall, on the campaign trail, Joe Biden was heralded as “head of the Middle Class taskforce” – whose activities can be viewed here.