The Los Angeles-Long Beach-Glendale metro division jumped onto June’s top 10 job gain markets list for the first time since January 2023. The market’s lingering weakness from last year’s writer’s strike appears to be fading.
According to data released by the Bureau of Labor Statistics, half of June’s top 10 job creation markets improved annual gains from May’s 12-month totals, with two improving from last year. Los Angeles and St. Louis both had stronger annual gains than in June 2023.
Eight of May’s top 10 job creation markets returned in June with a few changing places.
New York remained in the #1 spot with 82,900 jobs gained for the year-ending June, decreasing by 12,400 jobs from May. Houston returned at #2 with a gain of 78,000 jobs through June, down 5,500 jobs from May’s total.
Philadelphia jumped three spots to #3, gaining 61,100 jobs for the year, an improvement of 17,600 jobs from last month. As mentioned, Los Angeles leapt to the #4 spot, gaining 60,200 jobs through June, 33,400 more than in May.
Phoenix dropped to the #5 spot with 49,000 jobs gained, down 5,600 jobs from May and 24,500 positions less than the year before. Dallas stayed right behind Phoenix at #6 with a gain of 41,800 jobs, 7,200 less than in May.
Miami took the #7 spot with 38,000 new jobs, up 3,800 for the month but 11,500 less than last June. Las Vegas dropped three spots from May to #8 with an annual gain of 37,800 jobs, slightly less than its total last year but 6,200 fewer jobs than May’s total.
Atlanta ranked #9 with 37,000 jobs gained for the year-ending June, up 3,900 for the month but 35,800 jobs less than one year ago. St. Louis was the other newcomer to the top 10 list, gaining 32,900 jobs for the year and adding 2,300 more jobs to the annual total than in May.
With the resurgence in Los Angeles, the total number of jobs gained for the year-ending June for the top 10 markets (518,700 jobs) was up 24,100 jobs or 5% from their collective total last month. The next 10 markets (#11-#20) saw combined annual jobs gains increase by about 25,000 jobs.
None of the top 10 markets exceeded 100,000 jobs gained for the year but four gained between 50,000 and 99,999 jobs, two more than last month. Thirteen markets reported annual job losses for the year, two more than last month. Major markets reporting annual job losses include Memphis, Denver, Portland, OR, San Francisco, Baltimore and Milwaukee.
Like annual job gains, the annual percentage change in employment saw some improvement as well with seven markets increasing employment growth rates from May. Only seven of last month’s top employment growth markets returned in June and most changed places.
Charleston ranked #1 for employment change in June at 5.1%, up 60 basis points (bps) from May, while College Station, TX remained in the #2 spot with a 4% growth rate, unchanged from May.
Tallahassee, FL jumped to #3 in June with 3.8% job growth, an improvement of 90 bps from May. Myrtle Beach, SC and Boise, ID tied for #4 with 3.5% employment growth and each improved from 20 to 60 bps for the month. Columbia, SC and Las Vegas tied for the next spot with 3.4% growth, but Columbia gained 50 bps while Las Vegas slipped 60 bps from May’s growth rates.
Little Rock and fellow Arkansan Fayetteville tied for the #8 spot with 3.3% job growth, and each gained about 70 to 90 bps from May. Stockton-Lodi, CA rounded out the top 10 with 3.2% job growth for the year, down 20 bps from last month’s growth rate.
Tourism (Las Vegas and Myrtle Beach), state capitals (Tallahassee, Boise, Columbia and Little Rock) and/or major universities (College Station and Fayetteville) are common elements of the top 10 job growth markets.
Compared to last year, only three markets had lower job growth rates and seven had higher rates. They ranged from an improvement of 250 bps in Stockton to a decrease of 110 bps in Myrtle Beach.
Outside of the top growth markets, Springfield, MA, Syracuse, NY, Los Angeles, Columbus, GA, Santa Rosa, CA and Worcester, MA saw job growth rates increase by 100 bps or more from last year. Meanwhile, Midland/Odessa, Ann Arbor, MI, Corpus Christie, TX, Orlando, Salisbury, MD, Nashville, Denver, Austin, Sioux Falls, SD and Huntsville, AL fell by at least 340 bps from last year’s job growth.
As mentioned, major markets with employment declines are Memphis, Denver, Portland, OR, San Francisco, Baltimore and Milwaukee. Sub-0.5% growth major markets include Chicago, Cleveland, San Jose, Minneapolis-St. Paul, Nashville and Detroit. Sub-1% growth major markets include San Diego, Cincinnati, Boston, Columbus, OH and Washington, DC. Seventy-six markets had annual job growth rates above the not seasonally adjusted national average of 1.6%, 19 more than in May.
