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Metro and State Employment Conditions – July 2014

  • Red-hot job market conditions exist in North Dakota, Texas, Utah, Nevada, and Delaware. Job growth rates in these states are running roughly twice as fast as the national average.
  • At the other end of the spectrum, Alaska, New Mexico, Nebraska, Connecticut, and Illinois are adding jobs at a slow pace. Note: these states are not shedding jobs, but rather adding jobs at a slow pace.
  • Good news: the job market is strengthening in most states. 41 states improved with faster job creation in the latest month compared to the month prior, while 9 states experienced slower job gains.
  • Among large metro markets, the standouts are Houston (+4.0%), Dallas-Ft. Worth (+3.9%), and Austin (+3.8%).
  • Among smaller metro markets, Muncie (+10.4%), Lawrence (+7.4%), and College Station (+7.0%) are far ahead of the rest.
  • Real estate is affected by many variables. Interest rates and stock market conditions generally impact all states near equally. But local variations occur due to the strength of local job market conditions. Needless to say, REALTORS® are busier in areas with robust job creation.

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Lawrence Yun, PhD., Chief Economist and Senior Vice President

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. Thank you for the great analysis. The improvement in the job market has been reflective in the real estate prices here in California where there are multiple offers for each home. In many areas housing prices have now surpassed the 2007 peak, the August report indicates that it cooled off somewhat in the month of July but a recent report by the National Association of Realtors points to further appreciation in home values: RealtorsReport