This Small Midwest Market Leads the Region for Job Growth
The Midwest region leader for job growth in the past five years is a small market with roughly 272,000 people. Sioux Falls added 14,700 jobs in the past five years, growing its existing employment base by 9.2%, according to the Bureau of Labor Statistics. To show the sheer size of that measure, Fresno and Sacramento also logged annual job growth around 9%. Other Midwest markets ranking among the nation’s top third for job growth during the past five years were Indianapolis and Springfield, where the job base was up by roughly 8% year-over-year. Sioux Falls was one of the more stable job markets during the COVID-19 pandemic and has seen notable population growth. In the past five years, the population has increased by 10.1%, according to the latest data from the U.S. Census Bureau. As a result of the recent population influx and stable job market, apartment occupancy has tightened, and developers have responded by kicking up the volume of new supply under way.