HFF is pleased to report on MSA Employment for the year ending April 2018. 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 able to create more than 100,000 jobs. The top six MSAs were able to create more than 50,000 jobs.
Employment in national HFF markets grew by 1.78 percent in the 12 months ending April 2018 and, having added 1,081,500 jobs during the year, accounted for 47.7 percent of the nation’s headline growth. The top 10 expanding employment bases below combined to account for approximately 31.2 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 Riverside, Dallas, Seattle, Orlando and Houston remain in the top 10. Large markets such as New York, Miami and Chicago now lag given their respective percentage growth rates below 1.5 percent, which is the median of the 50 markets below. Austin, Orlando, Phoenix, Riverside and Jacksonville lead the markets with the only growth rates above three percent.
The employment recovery is definitely still underway, with approximately 24 markets now expanding at a rate in excess of 1.5 percent and 23 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 are growing, more than half at an accelerating rate and the remaining 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