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State and Metro Employment Conditions

In each Economic Update, the Research staff analyzes recently released economic indicators and addresses what these indicators mean for REALTORS® and their clients. Today’s update discusses the latest in employment conditions.

  • The national economy continues to heal and move ahead.  A total of 7.5 million net new jobs have been added in the past 4 years following the disastrous 8 million net job cuts during the Great Recession.  In the past 12 months, 2.3 million net new jobs have been added, representing a growth rate of 1.7 percent for the country as a whole.
  • Some states and metro markets are doing much better than the national job growth rate while others are faring much worse.  North Dakota continues to shine due principally to massive new oil and gas production.  The southern states of Texas, Florida, and Georgia have robust job growth.   Alabama and D.C. (just the city proper and not the suburbs) are stalled with net zero job creation.  Alaska lost some jobs.  Puerto Rico is under tremendous stress with 4.3 percent fewer jobs, portending a possible government bankruptcy like one experienced in Detroit.
  • Among the metro markets, several small Florida markets are on fire (Sebastian-Vero Beach growing at +8.1%; Naples +7.9%; and Port St. Lucie +6.1%).  The energy cities of Odessa and Midland are also moving fast with a 5% growth rate.  Among the large cities, there are three standouts:  Tampa-St. Petersburg (+3.3%), Houston (+3.1%), and Nashville (+3.1%).
  • The table below shows the ranking of states and U.S. territories:

Lawrence Yun, Chief Economist

Lawrence Yun is Chief Economist and Senior Vice President of Research at NAR. He directs research activity for the association and regularly provides commentary on real estate market trends for its 1 million REALTOR® members.

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Comments
  1. Employment and unemployment numbers may not be really accurate because there are millions of people who can’t find a job or they do not have the required skills.Where is the count of people that are no longer in the unemployment lines or no longer receive unemployemnt checks.?

  2. T.J. Doyle, Marketing & Communications Manager

    Louis, the entire December jobs report from the Bureau of Labor Statistics can be found here:
    http://www.bls.gov/news.release/empsit.nr0.htm

  3. Shirley Tuttle

    We need to get Corporations to come to Minnesota as well as other state’s. The U.S. needs to lower the Corporate Tax to get these Big Corporate companies to return back to the U.S. We have way to much welfare and that only greats jobs for bigger Government, sadly to say; the Government really does not support itself, as it should. Small companies are the vast majority of the U.S., It is unfortunate that laws have changed so drastically that it is effecting small business and self employed people who ask nothing of others to supply there needs, to hang by a thread. I think many leaders in this country are making terrible decisions, I question there motives at this point.