Orlando experienced the best year-over-year employment growth rate in August among the 41 largest metros in the U.S. at 4.0%, nearly triple the national rate of 1.4%.
New York and Dallas/Ft. Worth led the country for total job growth, gaining, respectively, 134,000 and 116,000 jobs year-over-year.
The metros with the highest rates of job creation remained concentrated in the South and West. Cincinnati continued to lead the 10 Midwest metros with a 2.5% gain. Among the seven Mid-Atlantic/Northeast metros, Boston, New York and Philadelphia tied for highest growth rate at 1.4% (equal to the U.S. average).
The employment growth rate was essentially unchanged from three months ago in over half of the metros analyzed (25 out of 41). One-fifth of the metros had faster job growth than three months ago. Orlando’s growth increased significantly.
Eight (20%) of the metros experienced slower employment growth rates— by less than one percentage point in all instances except for Sacramento and Las Vegas.
Unemployment rates in 26 of the 41 metros were at or lower than the U.S. average of 3.8% (not seasonally adjusted). Boston and Denver had the lowest levels at 2.6%, followed by San Francisco, San Jose and Nashville (2.7%). Nine of the metros had unemployment levels of 3.0% or lower.
Low unemployment represents solid economic expansion. With unemployment at historic lows, labor shortages in a wide array of industries are now common in many metros. Many jobs are not readily being filled, and labor shortages are holding back employment growth in many, possibly all markets.
Employment Percentage Change Year-Over-Year
By Jeanette Rice, Americas Head of Multifamily Research, CBRE.