Economists' Outlook

Housing stats and analysis from NAR's research experts.

Latest Employment Situation by State (April 2015)

  • The best state for job creation is Utah, which sped at 4.0 percent.  The West region is doing well with Washington, Nevada, Oregon, California, and Idaho making the top-ten list.  The South was also doing well with Florida, Georgia, South Carolina, and North Carolina in the top-ten.
  • Even though 49 of the 50 states are creating jobs (West Virginia was the sole exception with fewer jobs over the past 12 months), more states are weakening in job creation compared to the month before: 29 states showed slower pace of job creation while 20 states had stronger pace.
  • Not surprisingly, the real estate market is most vibrant in the states with fast job creations.  More people working means more income and more potential homeowners.  More jobs also entail more office leasing and increased rental housing demand.  Nothing like jobs to support real estate.
  • At the metro level, the jobs were plentiful in the following cities:
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  • The current U.S. residential mobility rate is one of the lowest in history.  There are many reasons for it.  However, low residential mobility is presumably implying less economic mobility as well since in a dynamic economy like the U.S. there would always be job destructions there and job creations here.  With on-going complaints of sluggish job market, why are Americans less willing to move to where the jobs are?  In the worst economic period of the U.S. during the Great Depression, as depicted in the Grapes of Wrath, people moved West in search of work … and dignity.  Americans did not drop out of the labor force back then.  There is today solid job growth in America in the West and South, yet the labor force participation rate is very low.
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