The nation’s employment picture is slowly improving. Comparing September to a year earlier, unemployment rates dropped in more than half (27) of the 49 major metropolitan areas with at least 500,000 jobs, but the number of non-farm jobs increased in less than half (21) of those 49 metros, according to the Bureau of Labor Statistics.
Employment is one of the key drivers of the economy in general and the housing market in particular, so from a ULI perspective, positive employment trends potentially hold out hope for future residential and commercial real estate activity. The jobs market appears to be recovering fastest in the central U.S., from Minneapolis to Austin, TX, and Pittsburgh to Oklahoma City. Below are lists of major metros with the best job growth and unemployment improvement during September:
Top 10 major metro areas for new non-farm jobs between Sept. 2009 and Sept. 2010 | ||
1 | Washington D.C. | 56,100 |
2 | Dallas | 28,000 |
| 3 | Boston | 23,300 |
4 | Austin, TX | 17,300 |
5 | Phoenix | 15,100 |
6 | Baltimore | 13,000 |
7 | Cleveland | 9,000 |
8 | Oklahoma City | 8,200 |
9 | Pittsburgh | 7,000 |
10 | Charlotte (tie) | 6,700 |
10 | San Jose (tie) | 6,700 |
(Source: Bureau of Labor Statistics.)
Top 10 declines in unemployment rates in major metro areas between Sept. 2009 and Sept. 2010 | |||
Rank | Metro | Unemployment rate Sept. 2010 | Decline in rate since Sept. 2009 |
1 | Detroit | 13.4% | 2.4 perc. points |
2 | Charlotte | 10.4% | 1.5 |
3 | Boston | 7.3% | 1.2 |
4 | Minneapolis | 6.7% | 1.0 |
5 | Memphis | 9.5% | 0.9 |
6 | Chicago | 9.4% | 0.9 |
7 | Honolulu | 5.3% | 0.9 |
8 | Providence | 10.7% | 0.9 |
9 | Milwaukee | 7.7% | 0.9 |
10t | St. Louis | 9.5% | 0.8 |
10t | New York City | 8.5% | 0.8 |
(Source: Bureau of Labor Statistics.)
