HFF is pleased to report on MSA Employment for the year ending October 2017. Our research team analyzes trends and data to give readers a better view into the current state of the economy and how employment is being affected.
New York and Dallas were the only MSAs to create more than 90,000 jobs – a year ago five were creating more than 75,000. The top five MSAs were able to create more than 50,000 jobs.
Employment in HFF markets grew by 1.45 percent in the 12 months ending October 2017 and, having added 836,200 jobs on the year, accounting for 41.1 percent of the nation’s headline growth. The top 10 expanding employment bases below combined to account for approximately 30.1 percent of the nation’s overall growth in the past year.
Altering our perspective to percentage growth (to level the playing field), we see that Atlanta, Dallas and Minneapolis remain in the top 10. Large markets such as Los Angeles, New York, San Francisco and Chicago now lag given their respective percentage growth rates below 1.48 percent, the median of the 50 markets below. Riverside and Orlando lead the markets with the only growth rates above three percent. Raleigh is not far behind at 2.99 percent.
The employment recovery is definitely still underway, with approximately 24 markets now expanding at a rate in excess of 1.5 oercent, and 29 markets exceeding the national average.
The majority of the top 50 MSAs in the country have decelerated their rate of expansion over the past six months. Markets gaining late-cycle momentum include Oklahoma City, Sacramento, Minneapolis and Boston.
Sources: HFF Research, Bureau of Labor Statistics, Department of Labor, Bloomberg
Prepared by: HFF Research Analyst Aziza Rehmatulla