Midwest Markets Among Top Job Gain List in September

Two Midwest region markets were among the nation’s leaders for annual job gains in September.

According to the Bureau of Labor Statistics’ monthly report, Indianapolis and St. Louis gained enough employment to be among the leaders for this month’s list. These two Midwest markets join two from the Northeast region, three from the South and three from the West.

Eight of August’s top 10 job gain markets returned to September’s list with only four remaining in the same order, but the sum of jobs gained for the top 10 was down 13.7% from last month as the employment market continues to slow.

Of course, the New York-White Plains metro division once again led the nation in employment gains. New York’s annual total through September of 106,700 new jobs was about 49,000 fewer than August’s 12-month total gain.

Houston returned at #2 with a gain of 75,100 jobs through September, down 7,700 jobs from August’s total, and down 28,000 jobs from last year. Dallas jumped back up the top 10 list to land at #3 in September with an annual gain of 60,400 jobs, an improvement of almost 19,000 jobs from August.

Los Angeles followed Dallas at #4, gaining 60,300 jobs for the year, close to Dallas’ figure but a decrease of 16,000 jobs from last month’s annual gain.

Phoenix remained in the #5 spot with 43,500 jobs gained, down almost 10,000 jobs from last month and 17,900 jobs less than last September. Atlanta returned to its #6 spot with 43,000 new jobs, close to the same gain figure from last month and last year.

Philadelphia dropped to the #7 spot with an employment gain of 41,800 jobs, down more than 20,000 jobs from August’s total. Indianapolis jumped onto this month’s top 10 list at #8 with 35,900 jobs gained, almost 4,000 more than last month and 7,700 more jobs gained than a year ago.

Riverside was also a newcomer to the September top 10 list at #9 with a gain of 33,200 jobs, little changed from last month but 15,000 jobs more than last September. St. Louis rounded out the top 10 with 31,100 jobs gained for the year-ending September 2024, about 4,600 jobs less than in August but 11,300 more than last September.

As mentioned, the total number of jobs gained for the year-ending September for the top 10 markets (531,000 jobs) was down 84,200 jobs or 13.7% from their collective total last month. However, the next 10 markets (#11-#20) saw their combined annual jobs gains remain virtually unchanged.

Once again, only New York exceeded 100,000 jobs gained for the year but three gained between 50,000 and 99,999 jobs, one less than last month. Eleven 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, Milwaukee, Memphis and Portland, OR.

Like annual job gains, the annual percentage change in employment saw some slowing as well with six of the top 10 markets decreasing their employment growth rates from August. Seven of last month’s top employment growth markets returned in September and several changed places. Smaller employment markets are more susceptible to fluctuations in growth rates due to their size.

Stockton-Lodi, CA and Boise, ID tied for the #1 growth rate spot with 4.2% employment change, but that is 50 basis points (bps) less than last month’s top market Champaign-Urbana, IL at 4.7% in August. However, both markets were up 40 to 60 bps from their change rates last month.

Charleston slipped a spot to #3 with 3.6% job growth, down 70 bps from last month. Indianapolis also joined the top 10 job growth market list this month at #4 with 3.1% employment growth, up 50 bps from August.

Naples, FL and College Station, TX tied for #5 in September at 2.9% job change, but each was lower by 80 to 110 bps, respectively. The remainder of the top 10 list was a tie for #7 between Tallahassee, FL, Gainesville, FL, Lincoln, NE and Crestview-Fort Walton Beach-Destin, FL. All had job growth rates of 2.8% in the year-ending September 2024.

The top 10 employment growth markets continue to reflect areas with concentrations in tourism (Crestview-Fort Walton Beach-Destin, FL, Charleston and Naples), state capitals (Indianapolis, Lincoln, Tallahassee and Boise) and/or major universities (Gainesville, College Station and Champaign-Urbana).

Compared to last year, only three markets had a lower job growth rate currently and seven had higher rates. They ranged from an improvement of 350 bps in Stockton to a decrease of 90 bps in Charleston.

Outside of the top growth markets, San Francisco and Los Angeles saw their job growth rates increase by 200 bps or more from last year. Meanwhile, Fort Collins, CO, Myrtle Beach, SC, Lansing, MI, Salisbury, MD and Midland/Odessa fell by at least 300 bps from last year’s job growth.

As mentioned, major markets with employment declines are Milwaukee, Memphis, Minneapolis and Portland, OR. Sub-0.5% growth major markets include Nashville, Denver, Baltimore, San Jose, San Francisco, Detroit, Chicago and Columbus. Sub-1% growth major markets include Boston, Cleveland, Washington, DC and Cincinnati. Seventy-three markets had annual job growth rates above the not seasonally adjusted national average of 1.5%. That was nine less than in August.