Jobs are everything to the economy and ultimately real estate. The good news is that job growth is finally occurring, but at a very tepid pace. Nationwide. That is not the story, however, for all markets, with 107 locales posting a minimum 2 percent net increase in jobs in the 12-months ending June. Positive job growth was measured in 317 out of 411 total Metropolitan Statistical Areas (MSAs) and Metropolitan Divisions from June 2012 through June 2013.
And as I always point out, the “There Is No Such Thing As A National Real Estate Market,” which I call the TINSTAANREM clause, and likewise for the economy in the TINSTAANE clause (the last E stands for Economy).
So where is job growth the hottest? The answer is that numerous markets are doing extremely well. Following is the top-25 job growth markets based on percentage growth rates. The total number of jobs as of June 31, 2013, are listed (by the number of thousands), as is the net change in jobs in the prior 12 months. The last column lists the percentage change in total jobs in the prior 12 months.
And where are the greatest numbers of net new jobs being created? In mostly different cities. Just two of the top percentage growth rate markets were also included in the largest number of jobs gained: Houston-Baytown-Sugar Land MSA and the Ft Worth-Arlington Metro Division.
Want to know how your local market compares? To open the PDF, which is sorted by state and then by MSA and Metro Division, click Mid-Year Jobs Report 2013
Wherever jobs go, so goes the demand for residential real estate—both for rental and ownership purposes. And wherever housing heads, so goes the demand for commercial properties.
The economy continues to gain ground in three out of four locales. Some markets are literally hot.
Good news for most. And hope for others.