Sun Belt Markets Dominate 2024 Employment Forecast

Among the nation’s 50 largest apartment markets, 26 markets are expected to see 2024 job growth above the U.S. average. Austin is expected to record the fastest job growth in the nation among major markets, according to data from RealPage Market Analytics. In addition to Austin’s forecasted employment expansion of 1.8% in calendar 2024, several other Sun Belt markets are also forecasted to post solid job gains. Las Vegas is expected to see employment grow by 1.7%. (Las Vegas was no stranger to strong employment growth during 2023, as employment gains in Nevada led the nation, buoyed by additions in Sin City.) Houston, Orlando and Phoenix should see job growth of 1.6% in calendar 2024, while Dallas is expected to expand its employment base 1.5%. Meanwhile, several major markets are forecasted to post more lackluster job gains. The pace of hiring in Cleveland, Detroit, Milwaukee, Pittsburgh and St. Louis is forecasted to rise at a relatively mild rate of 0.5% in calendar 2024, the weakest job base expansions among the nation’s largest markets. Job base expansion is expected to slow across the nation in the coming year. The U.S. overall is expected to see job growth fall from around 2% in 2023 to less than 1% in 2024.

For more forecast expectations on 2024 performance, including which markets are expected to outperform, see here.