July 25, 2014
AUSTIN — This week, Forbes Magazine predicted the city of Austin will be the nation’s second top creator of jobs over the next four years. According to economist Angelous Angelou of Angelou Economics, most of those jobs will be in the professional business services industry.
On Thursday, Texas Gov. Rick Perry’s office announced state tax incentives have convinced investment giant Charles Schwab to expand offices in Austin and El Paso. The Austin expansion is expected to create more than 820 jobs.
“It’s not yet clear to me what types of jobs they are, but I suspect they will be stock brokers, people in sales, some maybe in administration,” said Angelou.
Professional business services is followed by the leisure and hospitality industry as far as top job creators for Austin. The health sector is third.
With all the job growth comes growing pains.
“You said, ‘Is this going to continue for the next four or five years?’ My view is that it will continue for much longer. The question is what are we going to do about transportation, and what are we going to do about our water supply?” questioned Angelou.
Austin’s unemployment rate is 4.1 percent.