The most recent employment data became available earlier this week. The Economist did a great job illustrating the biggest changes in employment among the 50 largest U.S. cities.
Examining the change from 2009, The Big Apple experienced the largest job growth since June 2009. Outside of New York’s gain, not a lot of growth occurred in the Northeast during that time. Texas, represented by Houston and Dallas, rounded out the top three with Austin not far behind in seventh place.
Overall, the sunbelt produced the most jobs the past three years. Stretching the data back further to end of 2007, the top five cities with the largest positive change in employment were south of the Mason Dixon Line. More precisely, 80% were in Texas, with Washington D.C. rounding out fifth place. The sun can’t be the main reason behind the growth. Pittsburgh experienced lively job growth the past five years, and we have more rain than Seattle.
To further point out it’s not all fun in the sun, LA, Miami, Phoenix, and Las Vegas were among the cities with the greatest number of jobs leaving their cities since 2007. Add Chicago and Detroit to the bottom five and the trend shows jobs are escaping extreme climates.
The past year, from February to February, NYC again had the largest gain in employment but not to be unrepresented, Houston, Dallas, and Atlanta follow behind New York. The only major cities during the past year to experience negative employment change were Providence Rhode Island and Sacramento California.
Certainly the boom in energy related fields, especially through shale exploration, accounts for the Texas and sunbelt growth. It is interesting to see the shift away from the Northeast and into the middle of the country as workers follow jobs.
This is the personal blog of Emory Redd.
This blog is not investment advice. This is not a solicitation to invest. Don't take candy from strangers.
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