Now that we are past the treacherous weather of the first quarter of this year, jobs and related economic activity can be viewed with increased resolution. It’s good to be back to a more normal economic environment.
That economic landscape includes, however, a shocking portion of the workforce no longer participating in jobs and millions others with part-time jobs that desire full-time employment. Given skill sets, location and relative marketability, these two issues may not change for years. Stated differently, we may have a structural change in the economy that has lasting results. What we are seeing today may be the new normal (on the lower end of the scale with upside potential).
There are a total 413 individual Metropolitan Statistical Areas (MSAs) and Divisions, with overlap across several. Just 16.7 percent of these markets posted year-over-year job loss rates in the past 12 months. The recovery is indeed becoming more systemic.
So what are the top percentage growth markets in jobs in the past 12 months? Surprisingly to me, all of these are relatively smaller markets, with Fresno, California, being the largest at 316,100. Six have less than 100,000 total jobs. With a 1.74 percent national annual job growth rate, each of these markets were multiples of the national rate.
What are the markets that have created the most jobs in the prior 12 months? All the usual suspects are included—Los Angeles, Dallas-Ft Worth, New York, Houston, Miami and Atlanta (plus variations and included areas within).
And what markets lost the greatest percentage of jobs in the past 12-months? These were also smaller markets, with the largest having less than 180,000 total jobs (Peoria, Illinois), and seven of the 10 with less than 100,000 jobs.
Want to know how your market compares? Click here to open the PDF listing by state and MSA-Division all 413 markets across the country.
Job markets are improving – but some are still challenged.