Hiring numbers from October support steady economic growth across the nation, but several key metros have seen job growth slow a bit recently.
U.S. employers added more than 2.2 million jobs in the year-ending October 2016, growing the country’s employment base 1.6%, according to preliminary data from the Bureau of Labor Statistics.
Among U.S. metropolitan areas, New York remains atop the leaderboard, with the Big Apple’s employment base growing by 121,400 net jobs, or 1.5%, during the year-ending October 2016. For the same period, Dallas created 93,000 jobs. Momentum in the North Texas hub appears to be settling in, with job base growth of 3.8% in year-ending October 2016. That compares to growth of 4.2% in the year-ending September 2016.
Among the top 10 areas for job growth in the past year, Seattle saw significant movement. The Emerald City metro, having yo-yoed in the rankings throughout previous months, leapfrogged to the #3 spot. Seattle added more than 75,000 jobs in the year-ending October 2016. Such job growth numbers appear to have enticed apartment developers, as well. In October 2016, Seattle claimed the runner-up title for the nation’s most multifamily permit authorizations. Looking to 2017, the market is projected to deliver more than 13,000 units.
Alternatively, Washington, DC fell to #6 for annual job creation in October 2016. The capital metro’s 70,200 additions, while healthy, are a significant drop from year-ending March 2016, when market hiring reached an 11-year high of 86,700 additions.
The shakeup was even greater in the percent-change leaderboard.
For year-ending October 2016, regular frontrunner Reno fell out of the top 10. But, at 3.2% year-over-year base growth, Reno continues to register solid gains that stem from a diversified economy.
Swooping in to fill the void, Spokane secured the top spot. The metro was introduced to the list at #9 in year-ending August 2016, before soaring to #6 in year-ending September 2016. Spokane logged an annual base change of 4.1%, or 9,700 net jobs, for year-ending October 2016. The market’s most noteworthy gains occurred within the industries of Education/Health Services, Professional/Business Services and Government, all of which accounted for more than 2,000 jobs. The strength of the local economy is matched by recent multifamily performance. Spokane ranks #2 for small market occupancy levels within the nation.
Perhaps most unexpected is Baton Rouge’s top 10 appearance. Baton Rouge, which saw historic flooding in August 2016, registered base growth of 3.7%, or 15,000 net jobs, during year-ending October 2016. In a metro determined to rebuild, less surprising is the allotment of opportunities. For the 12-month period, more than 36% of all new jobs could be attributed to the Mining/Logging/Construction industry. For the month of October, half of all additions belonged to that industry.
Meanwhile, Florida metros continue to dominate the leaderboard, signaling sustained, strong economic growth throughout the state.