Jobs are everything to an economy and the real estate market. Period. Each state performs differently than others across time. Ditto Metropolitan Statistical Areas (MSAs) and Divisions. As usual, invoked is the TINSTAANREM clause — There Is No Such Thing As A National Real Estate Market. Each real estate market is different. Ditto the respective economy.
The U.S. Bureau of Labor Statistics tracks reports employment data monthly for 348 MSAs and Divisions on a Seasonally Adjusted Basis and for 436 on a non-seasonally adjusted basis.
The following table shows the top-20 MSAs and Divisions in percentage job growth for the 12-months ending November 2016 on a seasonally adjusted basis. In addition, the job growth rank for the 12 months ending November 2015 is also included. Cleveland, Tennessee, for example, went from 338th rank as of November 2015 to 1st as of November 2016 with a massive year-over-year gain of 7.26 percent. This was due to recent expansion in existing manufacturing and distributions companies and new businesses entering the market. Several MSAs and Divisions continued consistent strong performance year-over-year, each ranking in the top 20 both years:
Bend, Oregon – 3rd in 2016 and 2nd in 2015
St George, Utah – 4th in 2016 and 1st in 2015
Orlando-Kissimmee-Stanford – 5th in 2016 and 12th in 2015
Savannah, Georgia – 11th in 2016 and 20th in 2015
Of course for every winner there is a loser. The next table shows the MSAs with the greatest percentage of job losses for the 12 months ending November 2016. Elkhart-Goshen, Indiana ranked 338th and was the only MSA to drop into the bottom 20 from the top 100. Once again energy impacted towns (cheap energy including oil, gas and coal) and rust-belt cities dominate this list.
See the attached PDF for a list of all MSAs and Divisions sorted by state and then MSA-Division for the 12-months ending November 2016 and 2015.
Jobs are everything. Period.
Just wait, however. Things Change.