Job gains have been accelerating in the final months of 2014. Nationwide, 2.95 million net new jobs were added to the economy over the 12-months to December.
North Dakota and Texas were leading the way. But the oil price collapse will slow the job growth pace in the upcoming months. Utah, Delaware, and Nevada round out the top-5 states in terms of job growth rates.
At the bottom are Ohio, Mississippi, New Jersey, Virginia, and Alaska. Even so, these states are creating jobs, though not as strong as other states. That means that all states are steadily building the source of housing demand.
Jobs will impact both residential and commercial real estate. Among the mid-to- large metro markets, the winners (those running at 3% or higher) are:
Seahawks may be crying but they easily beat the Patriots home city of Boston in terms of job creation. Seattle’s job growth rate was among the winners at 3.2 percent versus Boston’s 1.9 percent. The thrilling ending just reminds us about how we wish we can take back one important decision in our life for a re-play. Life hurriedly moves on, however. What is done is done and no need to look back.
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.