Forecast: Job growth down more than 90%

AUSTIN (KXAN) - Hundreds of business leaders in Central Texas met Thursday to hear what they should expect from the economy both this year and in the future. Since 1984, Angelos Angelou has released an economic forecast that many in Austin pay close attention to.

Compared to the rest of the country, there are bright spots for both the economy of Austin and the state. However, Angelou said 2009 will be a much more difficult year for Austin, especially in the area of job growth.

In 2008, job growth in the Austin area reached 29,100. This year, that number is expected to drop to just 2,100. However, if Austin survives the downturn, job growth could reach 11,000 in 2010.

Angelou also predicts unemployment is sure to rise above 6 percent this year. The economic expert said this is the time to save and stay put.

"This is not the time to be changing jobs or making career shifts," said Angelou. "This is the time when people need to be grounded in their jobs and to be saving their money."

Angelou's economic news comes just one day after the Perryman group released its economic forecast. While there are some differences, both forecasts said Austin will continue to outperform other cities in Texas.

Population growth also helps Texas do well. In the next two years, the Austin area is expected to have about 1.72 million people. The first year Angelou began releasing Austin's economic forecast, the population was around 565,000 people, which was in 1984.