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How a dip in tech job openings is connected to Austin's housing market

(Downtown Austin Alliance/Twitter)

As the housing market cools, so too are tech jobs.


A new analysis by career website Dice shows that tech job postings in Austin slipped from a May high of 11,977 down to 9,536 in June. The analysis looked at tech job postings across the country, noting that hiring growth in some areas might be impacted by a cooling housing market.

In Austin, the slowdown appears to be in full force, as real estate services firm Redfin said it was among the housing markets that have cooled the fastest in the first half of this year. High mortgage rates and unsustainable price growth drove demand down, Redfin noted.

In Dice’s tracking of tech job posts, the recent dip stands out. The previous drop from March to April of this year was only about 100 postings.

Though it was followed by a sharp rise of more than 5,000 job postings from April to May, Austin may start seeing a leveling out of its popularity. After the past couple of years saw migration to tech hubs like Austin, Charlotte and Phoenix, people now might be staying put, says Dice. So, they anticipate a “plateau in growth.”

But that doesn’t mean Austin’s reign as a tech staple is ending. Dice reported total tech job postings year over year were up 39% in the capital city.

“Traditional tech hubs like New York City, Chicago, Atlanta, San Francisco and Austin all continue to lead the way in total tech job postings and are showing tremendous growth year over year,” the report says.

What’s more, is that Austin has outperformed tech rival Seattle. While Dice listed its year over year growth percentage as higher than Austin’s, Dice pointed to hiring slowdowns at Microsoft and Amazon, which are two of the biggest employers in the region.

When it comes to Austin’s major employers, the Chamber of Commerce pointed to Samsung and Tesla as driving record job growth in Central Texas last year. Since then, Tesla has faced possible hiring pauses and Samsung has explored wider growth in the region as it considers an almost $200 billion investment with 11 new facilities.

As for statewide trends, Texas as a whole has its work cut out if it wants to compete against the Golden State. Job postings in California and Texas alone account for 24% of total postings, keeping them firmly at the top of the list, Dice’s analysis says.

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With deposition and trial looming, Elon Musk has offered $44B for Twitter, again
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Elon Musk has proposed once again to buy Twitter for $54.20 a share.

The news that Musk is offering to carry on with the $44 billion buyout was first reported by Bloomberg. Now, a filing with the Securities and Exchange Commission shows Musk made the proposal in a letter to the tech giant on Monday.

The New York Stock Exchange temporarily halted trading in Twitter stock twice Tuesday, first because of a big price move and the second time for a news event, presumably the announcement of Musk's renewed offer.

While the per share offer price on this latest proposal remains the same as the original offer, it’s unclear if Musk has made other term changes or if Twitter would reject it. According to other reports, a deal could be reached this week.

The stock closed at $52.00/share Tuesday, indicating market uncertainty around the $54.20 offer.

After Musk informed Twitter of plans to terminate the original agreement in July, Twitter sued. A trial has been expected in Delaware Chancery Court on Oct. 17.

With the proposition of a buyout on the table again, it revives the question of whether Musk might move Twitter from San Francisco to Central Texas.

He’s done so with some of his other companies. Tesla’s headquarters in southeast Travis County had its grand opening earlier this year and tunneling business The Boring Company moved to Pflugerville. At least two other Musk companies, SpaceX and Neuralink, have a Central Texas presence without being headquartered here.

Technology journalist Nilay Patel this afternoon voiced concerns that owning Twitter and Tesla together could be problematic for Musk, as his Tesla manufacturing facilities in Germany and China are both in countries that have disputes with Twitter over content moderation and censorship.

Telsa shares fell after the Twitter news became public, before rallying to close up, at $249.44.