In May’s Jobs Report, New York Retakes Top Spot for Growth

Hiring momentum picked up slightly in May, with U.S. employers adding more than 2.2 million jobs in the year-ending May 2017. That figure grew the country’s employment base 1.6%, according to preliminary data from the Bureau of Labor Statistics.

Among U.S. metropolitan areas, New York ranked #1 for absolute growth, growing its workforce by 131,000 positions, or 1.9%, in the year-ending May 2017. The metro’s greatest actual gains occurred in the Education and Health Services industry, which accounted for 42,700 new positions during the 12-month period.

The Big Apple’s return to the top spot pushed previously reigning Atlanta to #3. Still, hiring levels in Georgia’s capital remain elevated, and that momentum has translated to a surge in multifamily demand. In 2nd quarter 2017, Atlanta registered a 21.2% year-over-year increase in demand to land among the top 15 metros for absorption.

Meanwhile, a wide gap lingered between the top three contenders and Los Angeles. Los Angeles has experienced a slowdown in hiring, as unemployment remains at very low levels.

May 2017 Employment

On the annual percent-change leaderboard, Boulder entered the list at #1. The metro grew by an impressive 4.9%, or 8,800 jobs. More than 55% of the market’s newly created positions belonged to the State Government Educational Services subsector.

A similar story played out in Ann Arbor. The Michigan metro, which saw no growth in the year-ending April 2017, expanded by 3.4% in the year-ending May 2017. More than 70% of the 7,200 jobs added during the 12-month period were attributable to the State Government subsector.

May 2017 Job Growth

Meanwhile, Florida strengthened its hold on the base growth leaderboard. Sunshine State staples Orlando, Tallahassee, Fort Lauderdale, Gainesville, Sarasota/Bradenton and Jacksonville each logged annual growth at or above 3.5%.