Jobs are plentiful in North Dakota. For the past decade, the state has been at or near the top in terms of consistently generating jobs. The latest monthly figures are no exception, with North Dakota zooming ahead at a 5.1 percent annual job growth rate.
Nevada is making a strong comeback with a 3.7 percent growth rate, translating into 46,300 net new jobs in the state. Even with these job gains, the state is still below their prior employment peak.
Florida, Texas, and Colorado round out the top five states for one-year job growth. Florida is in recovery mode, while Texas and Colorado are charting new employment highs.
At the other end of the spectrum, New Mexico, Virginia, and New Jersey are struggling to create jobs.
One consistently clear leading indicator for future home sales has been jobs. Simply, more jobs mean more home sales. Commercial real estate activity is also dependent upon job creation. Job growth also helps with a state’s budget situation, as more workers are paying taxes and fewer are receiving government services.
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.