When it comes to economic performance, there is no better measure than the creation of net-new jobs. Jobs are everything to an economy. Period.
Job growth, however, is not systemic across the country by state, Metropolitan Statistical Area (MSA) or Division. Just like states, variability in job growth exists across all MSAs and Divisions at any in time and also within the same area over a period of time. As usual, I invoke the TINSTAANREM axiom — There Is No Such Thing As A National Real Estate Market or a National Economy. The same is true regarding job growth.
The first table shows the percent change in jobs for top-20 MSAs and Divisions with the largest percentage increase for the 12-months ending October 2018. The analysis is based on seasonally adjusted data as provided by the Bureau of Labor Statistics. In comparison, the U.S. posted a 1.71 percent gain.
Each of these MSAs and Divisions has a unique story. Midland’s top job growth is driven by oil and natural gas production in the Permian Basin, which has an estimated 20 billion barrels of recoverable oil using existing technology. Kankakee-Bradley, Illinois, just a one-hour drive south of downtown Chicago, is teaming with jobs based on logistics, a new steel mill, comparative regional affordability and a skilled workforce. Other markets on this list are being driven by technology, manufacturing and destination locations.
The next list shows the 20 markets with the greatest percentage of job losses for the 12-months ending October 2018.
The next table shows the 20 MSAs and Divisions that created the greatest number of jobs in the prior 12-months. There is overlap in several of the markets . The Dallas-Ft Worth-Arlington MSA ranks third best having created 108,000 net new jobs in the prior 12-months, with 84,900 of those jobs located in the Dallas-Plano-Irving Metro division, which is included in the larger MSA.
Click here for a PDF including respective job performance for all 436 MSAs and Divisions. It is sorted alphabetically by state and the MSA-Division and includes percent job growth for the prior 12-months, net job gains and total new jobs created – both expressed as thousands..
Jobs are everything. Period.