Annual Job Gains Slow in Top Markets Except for New York and Los Angeles
Compared to one year ago, two-thirds of RealPage’s top 150 markets had fewer jobs gained in the past 12 months than they did for the previous 12-month period. However, the metro divisions of New York and Los Angeles saw significant improvement in their annual job gain totals in November 2024.
Bucking that trend, the New York-White Plains metro division gained 107,300 jobs for the year-ending November to lead the nation once again, according to the Bureau of Labor Statistics’ monthly report. That was an increase of 32,000 jobs from last November’s total. Likewise, the Los Angeles-Long Beach-Glendale division topped their total from last year by 64,700 jobs to total 46,200 jobs gained through November and land at #3 on our top 10 list.
Altogether, the top 10 markets for annual job gains totaled 464,100 new jobs, down 11,400 jobs from last year for the same 10 markets despite the increases in New York and LA. Nine of last month’s top 10 rejoined the list in November as last month’s #9 Atlanta tumbled to #33 this month, replaced by Riverside.
Houston, Dallas, Phoenix and Philadelphia remained in the top six on the list but each saw their annual employment gains fall by from 17,500 to 32,800 fewer jobs gained than the year before. Washington, DC, Charlotte and Indianapolis were almost unchanged from their reported employment levels last November.
The next 10 markets (#11-#20) of RealPage’s top job gain markets saw their total gains increase slightly (1.9%) to total 224,100 new jobs, less than half the total for the top 10 markets.
Twelve of our top 150 markets reported annual job losses for the year, one less than last month. Major markets reporting annual job losses include Minneapolis-St. Paul, Chicago and Milwaukee. The settlement at Boeing returned Seattle to positive job gains.
Job Growth
Unlike the top job gain markets, which tend to be large in population and employment, smaller markets usually dominate the top markets for annual percentage change in employment. The two markets tied for #1 with 4.3% job growth in November – Boise and Stockton – are relatively small, as are College Station, Tallahassee and Manchester/Nashua/Concord, NH.
Indianapolis and Richmond are the largest markets on the top growth list, along with mid-sized markets Tulsa, Omaha and Charleston. Only five of last month’s top employment growth markets returned in November.
Other major markets with job growth rates of 2% of higher included Charlotte, San Antonio, Oklahoma City, Salt Lake City and Raleigh/Durham.
Meanwhile, other markets with declining employment through November included Sioux Falls, SD, Des Moines, IA, Akron, OH, Asheville, NC, Columbus, OH, Kalamazoo/Battle Creek, MI, Youngstown, OH and Myrtle Beach, SC.
