Economy

10th street and Brazos
Image by Nasha Lee for KUT News

The Live Music Capitol of the World has topped another list of awesome cities. This time, it's the Under30CEO.com list of Top 10 Cities for Young Entrepreneurs in 2010.

Coming in third place right behind New York City and San Francisco, Austin is praised for all the familiar reasons:

Stevie Ray Vaughn in the storm
Image courtesy Stuck in Customs http://www.flickr.com/photos/stuckincustoms/

The Austin-Round Rock-San Marcos area added 17,700 jobs over the last 12 months, according to statistics released this morning by the Texas Workforce Commission. But because the size of the labor force also grew, the unemployment rate actually edged upwards to 7.1 percent in November 2010 compared to 7 percent in November 2009.

Economic scorecard
Image courtesy Austin Chamber of Commerce

Job growth in the private sector will more than make up for anticipated government job cuts next year, according to a series of economic forecasts presented today by the Austin Chamber of Commerce.

Dollar bill
Image courtesy peasap http://www.flickr.com/photos/peasap/

The latest sales tax collection numbers show the state collected $10.56 million in Austin last month. That's an increase of about 0.11 percent from the $10.54 collected in the same month last year. But it's substantially less than the $11.56 million in sales tax collected in Austin in November 2008.

The numbers suggest the Austin economy is more active than it was 12 months ago, but still has yet to recover from the pain inflicted by the national recession.

Austin 10th and Brazos
Image by Nasha Lee for KUT News

Austin is the 26th most dynamic city in the post-recession world, according to a new report by the Brookings Metropolitan Policy Program.

The Global MetroMonitor report looks at cities' economic output and employment and ranks them based on how much they "punch above their weight."

Austin was the only American city in the top 30. Istanbul topped the list.

The state added 47,900 jobs in October
Photo Courtesy of Bill Jacobus

Texas total nonfarm employment was up by 47,900 jobs in October, according to a Texas Workforce Commission (TWC) press release. This number accounts for an impressive third of the 151,000 jobs the entire U.S. economy added in the same period.

“Every major industry added jobs in October with notable increases in Construction employment” said TWC Chairman Tom Pauken.

TWC also released that the unemployment rate stayed steady at 8.1 percent, a substantial percentage and a half less than the country’s, which is currently at 9.6.

Newsweek is the latest national publication to give Austin's economy high praise for being pretty awesome compared to everywhere else.

In its list of the 10 American cities best situated for the recovery, Newsweek repeats the familiar refrain of reasons why Austin's economy rules.

SXSW 2010 Geeks band
Photo courtesy JTImages http://www.flickr.com/photos/jmtimages/

South by Southwest's 2010 conference injected $113 million dollars into the city's economy, mainly from people who traveled to Austin to attend. That's according to a new economic report from GreyHill Advisors, whom SXSW commissioned to conduct the study.

You can read a five page executive summary of the report on GreyHill's website. Here are some highlights:

Pages