HFF is pleased to report on MSA Employment for the year ending November 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 was the only MSA to create more than 100,000 jobs – a year ago three MSAs were creating more than 100,000 jobs. The top six MSAs were able to create more than 50,000 jobs.
Employment in HFF markets grew by 1.47 percent in the 12 months ending November 2017, and, having added 855,800 jobs on the year, account for 42 percent of the nation’s headline growth. The top 10 expanding employment bases below combined to account for approximately 29.5 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 Dallas and Riverside remain in the top 10. Large markets such as Los Angeles, New York and Chicago now lag given their respective percentage growth rates below 1.69 percent, the median of the 50 markets below. Riverside, Raleigh, Orlando and San Antonio lead the markets with the only growth rates above three percent. The employment recovery is definitely still underway, with approximately 29 markets now expanding at a rate in excess of 1.5 percent and 30 markets exceeding the national average.
Every market is either growing or contracting. Each market’s pace may be accelerating or decelerating. The graph below demonstrates each MSA’s trajectory over the past six months. The majority of the top 50 MSAs in the country have grown at a decelerating rate over the past six months.
Sources: HFF Research, Bureau of Labor Statistics, Department of Labor, Bloomberg
Prepared by: HFF Research Analyst Aziza Rehmatulla