State-Level Employment Situation: October 2024

2024-11-19T14:19:04-06:00

Clouded by hurricanes in the southeast part of the country and strike activity in the manufacturing sector, October nonfarm payroll figures were mediocre. Nonfarm payroll employment increased in 21 states in October compared to the previous month, while it decreased in 29 states and the District of Columbia. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by a meager 12,000 in October, following a gain of 223,000 jobs in September. On a month-over-month basis, employment data was most favorable in Colorado, which added 9,000 jobs. Louisiana came in second (+7,700), followed by Ohio (+6,400). A total of 144,500 jobs were lost across 29 states and the District of Columbia, with Florida reporting the steepest job losses at 38,000. Washington lost 35,900 jobs while New York lost a total of 10,900 jobs. In percentage terms, employment increased the highest in South Dakota at 0.4%, while Washington saw the biggest decline at 1.0% between September and October. Year-over-year ending in October, 2.2 million jobs have been added to the labor market across all 50 states and the District of Columbia. This is a 1.4% increase compared to October 2023 level. The range of job gains spanned from 2,800 jobs in Wyoming to 274,600 jobs in Texas. In percentage terms, the range of job growth spanned 3.1% in Idaho to 0.4% in Washington. Across the nation, construction sector jobs data 1—which includes both residential and non-residential construction—showed that 33 states and the District of Columbia reported an increase in October compared to September, while 13 states lost construction sector jobs. The four remaining states reported no change on a month-over-month basis. Louisiana, with the highest increase, added 3,400 construction jobs, while Florida, on the other end of the spectrum, lost 5,400 jobs. Overall, the construction industry added a net 8,000 jobs in October compared to the previous month. In percentage terms, Louisiana reported the highest increase at 2.5% and Iowa reported the largest decline at 2.1%. Year-over-year, construction sector jobs in the U.S. increased by 223,000, which is a 2.8% increase compared to the October 2023 level. Texas added 38,800 jobs, which was the largest gain of any state, while New York lost 9,200 construction sector jobs. In percentage terms, Alaska had the highest annual growth rate in the construction sector at 19.1%. Over this period, Oregon reported the largest decline of 4.3%. For this analysis, BLS combined employment totals for mining, logging, and construction are treated as construction employment for the District of Columbia, Delaware, and Hawaii. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

State-Level Employment Situation: October 20242024-11-19T14:19:04-06:00

Single-Family Permits Higher in September 2024  

2024-11-15T09:16:15-06:00

Over the first nine months of 2024, the total number of single-family permits issued year-to-date (YTD) nationwide reached 763,990. On a year-over-year (YoY) basis, this is an increase of 10.1% over the September 2023 level of 693,908. Year-to-date ending in September, single-family permits were up in all four regions. The range of permit increases spanned 15.8% in the West to 7.8% in the South. The Midwest was up by 11.8% and the Northeast was up by 10.1% in single-family permits during this time. For multifamily permits, three out of the four regions posted declines. The Northeast, driven by New York, was the only region to post an increase and was up by 30.1%. Meanwhile, the West posted a decline of 31.7%, the South declined by 20.7%, and the Midwest declined by 8.4%. Between September 2024 YTD and September 2023 YTD, 46 states and the District of Columbia posted an increase in single-family permits. The range of increases spanned 43.6% in New Mexico to 0.4% in Oregon. Maryland (-1.5%), New Hampshire (-1.6%), Alaska (-4.3%), and Hawaii (-7.7%) reported declines in single-family permits. The ten states issuing the highest number of single-family permits combined accounted for 63.1% of the total single-family permits issued. Texas, the state with the highest number of single-family permits, issued 122,976 permits over the first nine months of 2024, which is an increase of 10.5% compared to the same period last year. The succeeding highest state, Florida, was up by 1.7%, while the third highest, North Carolina, posted an increase of 8.5%. Year-to-date ending in September, the total number of multifamily permits issued nationwide reached 362,543. This is 16.4% below the September 2023 level of 433,862. Between September 2024 YTD and September 2023 YTD, 17 states recorded growth in multifamily permits, while 32 states and the District of Columbia recorded a decline. Georgia reported no change. Rhode Island (+134.6%) led the way with a sharp rise in multifamily permits from 309 to 725, while the District of Columbia had the biggest decline of 70.5% from 2,600 to 766. The ten states issuing the highest number of multifamily permits combined accounted for 63.2% of the multifamily permits issued. Over the first nine months of 2024, Texas, the state with the highest number of multifamily permits issued, experienced a decline of 27.5%. Following closely, the second-highest state in multifamily permits, Florida, saw a decline of 27.0%. California, the third largest multifamily issuing state, decreased by 33.4%. At the local level, below are the top ten metro areas that issued the highest number of single-family permits. For multifamily permits, below are the top ten local areas that issued the highest number of permits. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Single-Family Permits Higher in September 2024  2024-11-15T09:16:15-06:00

State Level Employment Situation: September 2024

2024-10-22T14:25:41-05:00

Nonfarm payroll employment increased in 41 states and the District of Columbia in September compared to the previous month, while eight states saw a decrease. Nevada reported no change. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 254,000 in September, following a gain of 159,000 jobs in August. On a month-over-month basis, employment data was most favorable in Texas, which added 29,200 jobs. New Jersey came in second (+19,200), followed by Florida (+17,000). A total of 17,400 jobs were lost across eight states, with Iowa reporting the steepest job losses at 4,800. In percentage terms, employment increased the highest in Idaho at 0.7%, while Iowa saw the biggest decline at 0.3% between August and September. Year-over-year ending in September, 2.4 million jobs have been added to the labor market across all 50 states and the District of Columbia. The range of job gains spanned from 2,000 jobs in Louisiana to 327,400 jobs in Texas. In percentage terms, the range of job growth spanned 3.4% in Idaho to 0.1% in Louisiana. Across the nation, construction sector jobs data 1  —which includes both residential and non-residential construction—showed that 24 states and the District of Columbia reported an increase in September compared to August, while 23 states lost construction sector jobs. The three remaining states reported no change on a month-over-month basis. Texas, with the highest increase, added 8,100 construction jobs, while Tennessee, on the other end of the spectrum, lost 1,600 jobs. Overall, the construction industry added a net 25,000 jobs in September compared to the previous month. In percentage terms, Ohio reported the highest increase at 2.7% and North Dakota reported the largest decline at 2.1%. Year-over-year, construction sector jobs in the U.S. increased by 238,000, which is a 3.0% increase compared to the September 2023 level. Texas added 42,300 jobs, which was the largest gain of any state, while New York lost 6,900 construction sector jobs. In percentage terms, Alaska had the highest annual growth rate in the construction sector at 21.1%. Over this period, Oregon reported the largest decline of 4.1%. For this analysis, BLS combined employment totals for mining, logging, and construction are treated as construction employment for the District of Columbia, Delaware, and Hawaii. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

State Level Employment Situation: September 20242024-10-22T14:25:41-05:00

2024 Second Quarter State-Level GDP Data

2024-10-09T09:16:46-05:00

Real gross domestic product (GDP) increased in 49 states and the District of Columbia in the second quarter of 2024 compared to the last quarter of 2023 according to the U.S. Bureau of Economic Analysis (BEA). Alaska reported an economic contraction during this time. The percent change in real GDP ranged from a 5.9 percent increase at an annual rate in Idaho to a 1.1 percent decline in Alaska. Nationwide, growth in real GDP (measured on a seasonally adjusted annual rate basis) increased 3.0 percent in the second quarter of 2024, which is higher than the first quarter level of 1.6 percent. Nondurable-goods manufacturing; finance and insurance; and health care and social assistance were the leading contributors to the increase in real GDP across the country. Regionally, real GDP growth increased in all eight regions between the first and the second quarter. The percent change in real GDP ranged from a 3.7 percent increase in the Rocky Mountain region (Colorado, Idaho, Montana, Utah, and Wyoming) to a 2.2 percent increase in the New England region (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont). At the state level, Idaho posted the highest GDP growth rate (5.9 percent) followed by Kansas (5.6 percent) and Nebraska (5.3 percent). On the other hand, Alaska posted an economic contraction in the second quarter of 2024. The agriculture, forestry, fishing, and hunting industry was the leading contributor to growth in 11 states including Idaho, Kansas, Nebraska, and the states with the highest increases in real GDP, respectively. Mining, which declined in 33 states, was the leading contributor to the decrease in real GDP in Alaska, the only state with a decline in real GDP. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

2024 Second Quarter State-Level GDP Data2024-10-09T09:16:46-05:00

State Level Employment Situation: August 2024

2024-10-08T09:16:59-05:00

Nonfarm payroll employment increased in 32 states in August compared to the previous month, while 17 states and the District of Columbia saw a decrease. Kansas reported no change. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 142,000 in August, following a gain of 89,000 jobs in July. On a month-over-month basis, employment data was most favorable in Texas, which added 78,000 jobs. Texas accounted for more than half the jobs created nationwide in August. Indiana came in second (+19,800), followed by Minnesota (+14,400). A total of 42,400 jobs were lost across the 17 states and the District of Columbia, with New York reporting the steepest job losses at 7,400. In percentage terms, employment increased the highest in Texas and Indiana at 0.6%, while South Dakota saw the biggest decline at 0.7% between July and August. Year-over-year ending in August, 2.4 million jobs have been added to the labor market across all 50 states and the District of Columbia. The range of job gains spanned from 1,500 jobs in South Dakota to 302,400 jobs in Texas. In percentage terms, the range of job growth spanned 3.3% in Missouri to 0.3% in South Dakota. Across the nation, construction sector jobs data1 —which includes both residential and non-residential construction—showed that 27 states and the District of Columbia reported an increase in August compared to July, while 20 states lost construction sector jobs. The three remaining states reported no change on a month-over-month basis. Texas, with the highest increase, added 8,300 construction jobs, while California, on the other end of the spectrum, lost 3,300 jobs. Overall, the construction industry added a net 34,000 jobs in August compared to the previous month. In percentage terms, Wyoming reported the highest increase at 2.3% and Tennessee reported the largest decline at 1.6%. Year-over-year, construction sector jobs in the U.S. increased by 228,000, which is a 2.8% increase compared to the August 2023 level. Texas added 36,600 jobs, which was the largest gain of any state, while Maryland lost 4,800 construction sector jobs. In percentage terms, Alaska had the highest annual growth rate in the construction sector at 17.8%. Over this period, Maine reported the largest decline of 4.7%. For this analysis, BLS combined employment totals for mining, logging, and construction are treated as construction employment for the District of Columbia, Delaware, and Hawaii. ↩︎ Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

State Level Employment Situation: August 20242024-10-08T09:16:59-05:00

Single-Family Permits Up in July 2024  

2024-09-16T09:16:59-05:00

Over the first seven months of 2024, the total number of single-family permits issued year-to-date (YTD) nationwide reached 599,308. On a year-over-year (YoY) basis, this is an increase of 13.7% over the July 2023 level of 527,158. Year-to-date ending in July, single-family permits were up in all four regions. The range of permit increases spanned 18.2% in the West to 9.8% in the Northeast. The Midwest was up by 14.5% and the South was up by 12.4% in single-family permits during this time. For multifamily permits, three out of the four regions posted declines. The Northeast, driven by New York was the only region to post an increase and was up by 32.0%. Meanwhile, the West posted a decline of 31.2%, the South declined by 22.7%, and the Midwest declined by 9.3%. Between July 2024 YTD and July 2023 YTD, 47 states and the District of Columbia posted an increase in single-family permits. The range of increases spanned 39.4% in Arizona to 2.1% in Rhode Island. New Hampshire (-0.2%), Hawaii (-2.7%), and Alaska (-10.4%) reported declines in single-family permits. The ten states issuing the highest number of single-family permits combined accounted for 64.0% of the total single-family permits issued. Texas, the state with the highest number of single-family permits, issued 97,551 permits over the first seven months of 2024, which is an increase of 15.6% compared to the same period last year. The succeeding highest state, Florida, was up by 9.5%, while the third highest, North Carolina, posted an increase of 11.8%. Year-to-date ending in July, the total number of multifamily permits issued nationwide reached 279,618. This is 17.2% below the July 2023 level of 337,730. Between July 2024 YTD and July 2023 YTD, 18 states recorded growth in multifamily permits, while 32 states and the District of Columbia recorded a decline. New York (+117.4%) led the way with a sharp rise in multifamily permits from 10,110 to 21,981, while the District of Columbia had the biggest decline of 68.7% from 1,969 to 616. The ten states issuing the highest number of multifamily permits combined accounted for 64.7% of the multifamily permits issued. Over the first seven months of 2024, Texas, the state with the highest number of multifamily permits issued, experienced a decline of 30.4%. Following closely, the second-highest state in multifamily permits, Florida, saw a decline of 24.4%. California, the third largest multifamily issuing state, decreased by 27.5%. At the local level, below are the top ten metro areas that issued the highest number of single-family permits. For multifamily permits, below are the top ten local areas that issued the highest number of permits. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Single-Family Permits Up in July 2024  2024-09-16T09:16:59-05:00

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