HFF is pleased to report on MSA Employment for the year ending September 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.
Dallas and New York were the only MSAs to create more than 85,000 jobs. The top five MSAs were able to create more than 50,000 jobs. Employment in HFF markets grew by 1.33 percent in the 12 months ending September 2017 and, having added 762,900 jobs on the year, accounting for 42.5 percent of the nation’s headline growth. The top 10 expanding employment bases below combined to account for approximately 29.1 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 Riverside remain in the top 10. Large markets such as Los Angeles, New York, Houston and Chicago now lag given their respective percentage growth rates below 1.43 percent, the median of the 50 markets below. Nashville leads the markets with the only growth rate above three percent. The employment recovery is definitely still underway, with approximately 23 markets now expanding at a rate in excess of 1.5 percent and 31 markets exceeding the national average.
Since bottoming in the depths of the recession, many markets have bounced back significantly, with 39 markets having created more than 100,000 jobs. New York City (1,271,200) has created the highest level of job creation since bottoming. Combined, the below markets have expanded by 13.21 million jobs (18 percent) since troughing. For many markets, there is still work left to do, but each market below has indeed commenced its recovery.
In Texas, relatively small contractions experienced during the downturn paired with outsized job growth since propel the largest MSAs in that state to the top four spots of the below graph, representing recuperation of jobs lost after the Great Financial Crisis.
Note that Austin has now created 7.99 times the number of jobs lost during the recession. Said another way, if Austin lost 100 jobs during the recession they’ve added back approximately 799.
Sources: HFF Research, Bureau of Labor Statistics, Department of Labor, Bloomberg
Prepared by: HFF Research Analyst Morgan Allen