Jobs are everything to the economy and ultimately the price and demand for real estate.
The latest state employment numbers show a distinct change in year-over-year trends and in addition what has occurred in the latest month – December 2014 to January 2015. The following table shows the states in the latest 12 months having the greatest percentage increase in jobs for the top 10 states. They are based on seasonally adjusted employment numbers which has already factored in the changing demand for workers, for example from the holiday period in December to the lowest employment month of the year in January.
Since the decline in the price of oil is a relatively recent event, it is no surprise that North Dakota, Utah and Texas were all in the top-10 given the oil-driven economy that was moving strongly a year ago. If, however, you look at the latest one-month change from December 2014 to January 2015, North Dakota falls to the 21st position and Texas to 30th, as shown in the following table.
So what are the worst 10 states in 12 month job growth? Maine tops this list with a minimal decline – the only state to drop in employment.
What states produced the most jobs in the latest 12 months? Not surprisingly, the four states with the largest populations ranked one through four, consecutively. Missing, however, was the fifth most populous state, Illinois. While ranking 5th in total population, Illinois ranks 15th in total job growth.
Finally, what states top the chart for average five-year job growth rates?
Want to view all states on these metrics? Just take a look at the next table.
Regardless of changing trends, jobs are everything to the economy and ultimately the price and demand of real estate.
Ted