Introducing CRE MBA—self-paced online courses taught by industry experts for CRE professionals.

NYC, Houston Lead Job Growth, Emerging Markets Make Gains

NY’s job market surges ahead, fueled by strong education and health services growth, while Houston and LA make notable gains.
NYC, Houston Lead US Job Growth, Emerging Markets Make Gains
  • With a gain of 156.6K jobs in the year ending July, NY-White Plains tops the U.S. for job creation, driven by education and health services.
  • Houston and LA show strong growth, with Houston adding 74.5K jobs, and LA securing third place with 73.9K new positions.
  • Philadelphia, Phoenix, and Atlanta also reported significant gains, with Atlanta jumping from ninth to sixth place in job creation.
  • College Station, TX, led the US in job growth (+6%), followed by new top performers like Champaign-Urbana, IL, and Naples, FL.
Key Takeaways

The New York-White Plains metro area has grown into the top city for job growth in the country, driven by a booming education and health services sector, as reported in GlobeSt. 

According to data from the Bureau of Labor Statistics and RealPage, NY added 156.6K jobs over the year ending in July, cementing its position as the leader in the nation’s job creation rankings.

Job Growth Leaders

New York’s impressive growth wasn’t an isolated success. Houston ranked second with 74.5K new jobs, although the figure was down slightly from June’s figures. Meanwhile, Los Angeles climbed to third place, adding 73.9K jobs in a sign of improving economic conditions.

Philadelphia, Phoenix, and Atlanta followed closely behind, each reporting strong employment gains. Notably, Atlanta leaped from ninth to sixth in the rankings, reflecting the broader positive trend in the U.S. job market.

Top 10 Markets

Beyond the traditional powerhouse markets, new cities made significant strides. College Station, TX, overtook Charleston, SC, to lead the nation in employment growth rate with a 6% increase. 

Other markets like Champaign-Urbana, IL, and Naples, FL, also emerged as job growth hotspots, making their debut in the top ten list. Las Vegas and Miami also reported steady job gains, while Riverside, CA, entered the top ten, ousting St. Louis out of the rankings.

Collectively, the top ten U.S. metro markets added 636.9K jobs over the past year, up 23% from June’s YoY gains. NYC was the only city to surpass 100K new jobs, but five other markets reported gains between 50K–100K jobs.

Job Growth Laggards

Despite the overall positive outlook, not all regions shared in the job market boom. Eight metropolitan areas, including Baltimore, Denver, Memphis, and Milwaukee, saw job losses. 

Major markets like Portland, Minneapolis-St. Paul, Chicago, and San Francisco reported modest job growth below 0.5%, highlighting ongoing economic challenges in certain parts of the country.

Why It Matters

While some areas continue to struggle, the broader U.S. job market is enjoying positive momentum, with 86 markets recording job growth rates above the national average of 1.6%. 

The surge in employment, led by cities like NYC, Houston, and emerging markets, reflects a growing economic recovery across the country.

RECENT NEWSLETTERS
View All
Investors Shift Focus to Premium Properties in Q4 Surge
December 2, 2024
READ MORE
South Florida Developers Are Selling Rentals to Meet Condo Demand
November 29, 2024
READ MORE
Office Conversions Find New Life After Values Plunge
November 27, 2024
READ MORE
2025 Apartment Supply: Top U.S. Markets to Watch
November 26, 2024
READ MORE

podcast

No CAP by CRE Daily

No Cap by CRE Daily is a weekly podcast offering an unfiltered look into commercial real estate’s biggest trends and influential figures.

Join 65k+
  • operators
  • developers
  • brokers
  • owners
  • landlords
  • investors
  • lenders

who start their day with CRE Daily.

The latest news and trends in commercial real estate delivered to your inbox. Get smarter about what matters in just 5-minutes or less.