Jobs are everything to the economy. Period. Job growth, however, is not uniform across the country. As usual, I invoke the TINSTAANREM axiom — There Is No Such Thing As A National Real Estate Market. Nor is job growth the same nationwide. But where job growth is strong, so is the demand for real estate.
The following table lists the top-20 Metropolitan Statistical Areas (MSAs) and Divisions (out of a total 436) with the largest percentage gain in jobs in the 12-months ending August 2018. These data are Seasonally Adjusted Annualized numbers provided by the U.S. Bureau of Labor Statistics
In the same period, the U.S. job growth rate was 1.59 percent. Each of the top-20 job growth rates was more than double the U.S. rate while all of the top-10 were triple. Midland, Texas, at 9.22 percent was 5.8 times the U.S. level.
Only one of the top-20 had more than one million jobs – Orlando. And only one other MSA, Provo-Orem, Utah, had more than 150,000 total jobs.
As always, for all the winners there are losers. The worst performing MSA and Divisions in the past 12-months are shown in the next table. All of these are relatively smaller cites having less than 220,000 total jobs.
Click here for a PDF of these data, sorted by state and MSA-Division. The data are sorted alphabetically, but also included is the respective rank based on percentage job growth rate across all of the 436 MSAs and Divisions.
The next table shows the 20-MSAs and Divisions with the largest total increase in net-new jobs in the 12-months ending August 2018. As in the past, there is overlap in this group. The Dallas-Ft Worth-Arlington is ranked number one in net-new job gains, while a subset of this market, the Dallas-Plano-Irving Metro Division, ranked fourth. Eight of the 20 MSAs and Divisions with the largest gain in net-new jobs also posted a percentage gain greater than 3.0 percent – impressive job growth for larger cities.
Jobs are everything. Some places are hot and others not.
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