State Job Growth October 2019

All but two of the 50-states and the District of Columbia posted a net increase in the total number of jobs in the 12-months ending October 2019, with North Dakota flat and Michigan down 2,200 (for a decline of 0.05 percent in the total number of jobs compared a year ago).  The following table shows the percentage change in the total number of jobs in the latest 12 months as reported by the U.S. Bureau of Labor Statistics.  As a bench mark, the annual compound job growth rate for the U.S. averaged 1.40 percent in the past 40 years and came in at the same in the latest 12 months.

The greatest increase in net new jobs by state are shown in the following table.   The 10 states creating the most net new jobs accounted for two-thirds of U.S. job growth (65.9 percent) but made up less than one-half  (48.9 percent) of all jobs in the country.  One-half of the states combined created just 10 percent of all new jobs in the latest 12-months.

The next table shows the change in overall rank in job growth from the 12-months ending October 2019 to a year prior. Kentucky and Nebraska posted the best improvement in job growth ranks moving  up 31 notches each, followed by Rhode Island (+24 ranks) and Massachusetts (up 21 ranks).  Dropping the most were: Wyoming (down 33 ranks), North Dakota (minus 29 ranks), West Virginia (down 28) and Oklahoma and Michigan each losing 27 positions.

Click here for a PDF that details state job growth including changes in the prior 12-months, two-years, five-years and 10-year periods.

Jobs are everything to an economy and the ultimate demand for real estate.  Period.  Sime states are better than others, and some continue to struggle.

Ted

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