Employment Situation in August: State-Level Analysis

2023-09-22T08:38:18-05:00

Nonfarm payroll employment increased in 33 states and the District of Columbia in August compared to the previous month, while 17 states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 187,000 in August, following a gain of 157,000 jobs in July. On a month-over-month basis, employment data was strong in California, which added 23,100 jobs, followed by New York (+18,100), and North Carolina (+17,500). Seventeen states lost a total of 47,700 jobs with Missouri reporting the steepest job losses at 13,700.  In percentage terms, employment in Montana increased by 0.7% while Hawaii reported a 0.8% decline between July and August. Year-over-year ending in August, 3.1 million jobs have been added, marking a more than full recovery of the labor market. Except for Mississippi and Rhode Island, all the other states and District of Columbia added jobs compared to a year ago. The range of job gains spanned 402,000 jobs in Texas to 1,400 jobs added in Vermont. Mississippi lost 700 jobs while Rhode Island lost 6,900 jobs on a year-over-year basis. In percentage terms, Nevada reported the highest increase by 3.9%, while Rhode Island decreased by 1.4% compared to a year ago. Across the 48 states which reported construction sector jobs data—which includes both residential as well as non-residential construction— 31 states reported an increase in August compared to July, while 14 states lost construction sector jobs. Montana, Oklahoma, and Utah reported no change on a month-over-month basis. California added 4,700 construction jobs, while Tennessee lost 2,400 jobs. Overall, the construction industry added a net 22,000 jobs in August compared to the previous month. In percentage terms, Wyoming increased by 3.5% while Tennessee reported a decline of 1.6% between July and August. Year-over-year, construction sector jobs in the U.S. increased by 212,000, which is a 2.7% increase compared to the August 2022 level. Texas added 21,100 jobs, which was the largest gain of any state, while Missouri lost 2,700 construction sector jobs. In percentage terms, Wyoming had the highest annual growth rate in the construction sector by 13.0%. Over this period, North Dakota reported a decline of 3.8%. Related ‹ Market Share for Modular and Other Non-Site Built Housing in 2022Tags: construction labor, economics, state and local markets, state employment

Employment Situation in August: State-Level Analysis2023-09-22T08:38:18-05:00

Single-Family Permits Decline in July 2023

2023-09-15T09:16:54-05:00

Over the first seven months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 527,158. On a year-over-year (YoY) basis, this is 18.4% below the July 2022 level of 645,877. Year-to-date ending in July, single-family permits declined in all four regions. The Northeast posted the lowest decline of 12.1%, while the West region reported the steepest decline of 25.1%. The South declined by 16.5% and the Midwest declined by 18.0% in single-family permits during this time. For multifamily permits, the South region posted a modest decline of 7.5% while the West declined by 14.1%, the Midwest declined by 20.8%, and the Northeast declined by 31.2%. Between July 2022 YTD and July 2023 YTD, except for Hawaii (+16.1%), all the other states and the District of Columbia reported declines in single-family permits. The range of declines spanned 1.5% in Maryland to 49.3% in Alaska. The ten states issuing the highest number of single-family permits combined accounted for 63.9% of the total single-family permits issued. Texas, the state with the highest number of single-family permits issued, declined 20.3% in the past 12 months while the next two highest states, Florida and North Carolina declined by 18.8% and 10.3% respectively. Year-to-date, ending in July, the total number of multifamily permits issued nationwide reached 337,730. This is 14.3% below the July 2022 level of 394,215. Between July 2022 YTD and July 2023 YTD, 16 states recorded growth, while 34 states and the District of Columbia recorded a decline in multifamily permits. Rhode Island (+150.0%) led the way with a sharp rise in multifamily permits from 126 to 315 while Wyoming had the largest decline of 63.6% from 302 to 110. The ten states issuing the highest number of multifamily permits combined accounted for 64.8% of the multifamily permits issued. Texas, the state with the highest number of multifamily permits issued, declined 19.3% in the past 12 months while the next two highest states, Florida declined by 2.9% and California increased by 4.5%. At the local level, below are the top ten metro areas that issued the highest number of single-family permits. Top 10 Largest SF Markets July-23 (# of units YTD, NSA) YTD % Change(compared to July-22) Houston-The Woodlands-Sugar Land, TX                                         29,687 -8% Dallas-Fort Worth-Arlington, TX                                         24,088 -19% Atlanta-Sandy Springs-Roswell, GA                                         14,417 -14% Phoenix-Mesa-Scottsdale, AZ                                         13,302 -33% Charlotte-Concord-Gastonia, NC-SC                                         11,174 -13% Orlando-Kissimmee-Sanford, FL                                         10,020 -9% Austin-Round Rock, TX                                           9,202 -39% Nashville-Davidson–Murfreesboro–Franklin, TN                                           8,669 -17% Tampa-St. Petersburg-Clearwater, FL                                           8,050 -22% Raleigh, NC                                           7,639 -10% For multifamily permits, below are the top ten local areas that issued the highest number of permits.  Top 10 Largest MF Markets July-23 (# of units YTD, NSA) YTD % Change(compared to July-22) New York-Newark-Jersey City, NY-NJ-PA                                         17,802 -43% Dallas-Fort Worth-Arlington, TX                                         15,567 -23% Houston-The Woodlands-Sugar Land, TX                                         11,897 -22% Phoenix-Mesa-Scottsdale, AZ                                         11,608 7% Los Angeles-Long Beach-Anaheim, CA                                         10,925 -5% Austin-Round Rock, TX                                         10,895 -32% Miami-Fort Lauderdale-West Palm Beach, FL                                         10,266 25% Atlanta-Sandy Springs-Roswell, GA                                         10,000 0% Washington-Arlington-Alexandria, DC-VA-MD-WV                                           7,347 -27% Denver-Aurora-Lakewood, CO                                           7,148 -16% Related ‹ Building Materials Prices Remain Stable but Diesel Skyrockets 40% in AugustTags: home building, multifamily, single-family, state and local markets, state permits

Single-Family Permits Decline in July 20232023-09-15T09:16:54-05:00

Employment Situation in July: State-Level Analysis

2023-08-18T13:15:53-05:00

Nonfarm payroll employment increased in 36 states in July compared to the previous month, while 14 states and the District of Columbia lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 187,000 in July, following a gain of 185,000 jobs in June. On a month-over-month basis, employment data was strong in Florida, which added 44,500 jobs, followed by California (+27,900), and Texas (+26,300). Fourteen states and the District of Columbia lost a total of 31,300 jobs.  In percentage terms, employment in Vermont increased by 0.9% while Delaware reported a 0.6% decline between June and July. Year-over-year ending in July, 3.4 million jobs have been added, marking a full recovery of the labor market. Except for Rhode Island, all the other states and District of Columbia added jobs compared to a year ago. The range of job gains spanned 441,700 jobs in Texas to 2,100 jobs added in Vermont. Rhode Island lost 5,600 jobs on a year-over-year basis. In percentage terms, Nevada reported the highest increase by 3.8%, while Rhode Island decreased by 1.1% compared to a year ago. Across the 48 states which reported construction sector jobs data—which includes both residential as well as non-residential construction— 26 states reported an increase in July compared to June, while 21 states lost construction sector jobs. New Mexico reported no change on a month-over-month basis. Texas added 4,700 construction jobs, while Washington lost 2,500 jobs. Overall, the construction industry added a net 19,000 jobs in July compared to the previous month. In percentage terms, Nebraska increased by 3.1% while Maine reported a decline of 2.7% between June and July. Year-over-year, construction sector jobs in the U.S. increased by 198,000, which is a 2.5% increase compared to the July 2022 level. Texas added 25,200 jobs, which was the largest gain of any state, while Colorado lost 3,000 construction sector jobs. In percentage terms, Arkansas had the highest annual growth rate in the construction sector by 10.1%. Over this period, Colorado reported a decline of 1.6%. Related ‹ Declines for Custom Home BuildingTags: construction labor, economics, state and local markets, state employment

Employment Situation in July: State-Level Analysis2023-08-18T13:15:53-05:00

Single-Family Permits Decrease in June 2023

2023-08-14T09:20:40-05:00

Over the first six months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 449,226. On a year-over-year (YoY) basis, this is 20.9% below the June 2022 level of 567,798. Year-to-date ending in June, single-family permits declined in all four regions. The Northeast posted the lowest decline of 11.0%, while the West region reported the steepest decline of 28.1%. The South declined by 19.1% and the Midwest declined by 20.5% in single-family permits during this time. For multifamily permits, the South region posted a modest decline of 2.7% while the West declined by 13.7%, the Midwest declined by 18.9%, and the Northeast declined by 29.0%. Between June 2022 YTD and June 2023 YTD, except for Hawaii (+21.4%) and New Jersey (+0.3%), all the other states and the District of Columbia reported declines in single-family permits. The range of declines spanned 5.5% in Maine to 60.0% in Alaska. The ten states issuing the highest number of single-family permits combined accounted for 64.2% of the total single-family permits issued. Texas, the state with the highest number of single-family permits issued, declined 23.9% in the past 12 months while the next two highest states, Florida and North Carolina declined by 20.3% and 12.0% respectively. Year-to-date, ending in June, the total number of multifamily permits issued nationwide reached 293,301. This is 11.6% below the June 2022 level of 331,934. Between June 2022 YTD and June 2023 YTD, 19 states recorded growth, while 31 states and the District of Columbia recorded a decline in multifamily permits. Rhode Island (+181.1%) led the way with a sharp rise in multifamily permits from 106 to 298 while Maine had the largest decline of 55.3% from 1,518 to 679. The ten states issuing the highest number of multifamily permits combined accounted for 64.9% of the multifamily permits issued. Texas, the state with the highest number of multifamily permits issued, declined 14.1% in the past 12 months while the next two highest states, Florida and California increased by 2.7% and 0.7% respectively. At the local level, below are the top ten metro areas that issued the highest number of single-family permits. Top 10 Largest SF Markets June-23 (# of units YTD, NSA) YTD % Change (compared to June-22) Houston-The Woodlands-Sugar Land, TX                                           25,155 -13% Dallas-Fort Worth-Arlington, TX                                           20,623 -22% Atlanta-Sandy Springs-Roswell, GA                                           12,104 -19% Phoenix-Mesa-Scottsdale, AZ                                           11,046 -38% Charlotte-Concord-Gastonia, NC-SC                                             9,515 -17% Orlando-Kissimmee-Sanford, FL                                             8,601 -12% Austin-Round Rock, TX                                             7,696 -41% Nashville-Davidson–Murfreesboro–Franklin, TN                                             7,378 -21% Tampa-St. Petersburg-Clearwater, FL                                             6,946 -15% Riverside-San Bernardino-Ontario, CA                                             6,828 -10% For multifamily permits, below are the top ten local areas that issued the highest number of permits.  Top 10 Largest MF Markets June-23 (# of units YTD, NSA) YTD % Change (compared to June-22) New York-Newark-Jersey City, NY-NJ-PA                                           15,663 -42% Dallas-Fort Worth-Arlington, TX                                           13,145 -17% Houston-The Woodlands-Sugar Land, TX                                           10,663 -11% Los Angeles-Long Beach-Anaheim, CA                                             9,151 -10% Miami-Fort Lauderdale-West Palm Beach, FL                                             9,126 26% Phoenix-Mesa-Scottsdale, AZ                                             9,031 9% Atlanta-Sandy Springs-Roswell, GA                                             8,925 19% Austin-Round Rock, TX                                             8,640 -37% Denver-Aurora-Lakewood, CO                                             6,526 -9% Charlotte-Concord-Gastonia, NC-SC                                             6,214 25% Related ‹ Price Growth of Key Building Materials Moderates FurtherTags: home building, multifamily, single-family, state and local markets, state permits

Single-Family Permits Decrease in June 20232023-08-14T09:20:40-05:00

Employment Situation in June: State-Level Analysis

2023-07-21T10:20:52-05:00

Nonfarm payroll employment increased in 38 states and the District of Columbia in June compared to the previous month, while 12 states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 209,000 in June, following a gain of 306,000 jobs in May. On a month-over-month basis, employment data was strong in Texas, which added 31,100 jobs, followed by New York (+28,100), and Washington (+11,900). Twelve states lost a total of 46,900 jobs.  In percentage terms, employment in Alaska increased by 0.9% while Vermont reported a 1.4% decline between May and June. Year-over-year ending in June, 3.8 million jobs have been added, marking a more than full recovery of the labor market from the COVID-19 pandemic induced recession. Except for Vermont and Rhode Island, all the other states and District of Columbia added jobs compared to a year ago. The range of job gains spanned 542,500 jobs in Texas to 6,500 jobs added in West Virginia. Vermont lost 500 jobs and Rhode Island lost 1,900 jobs on a year-over-year basis. In percentage terms, Texas reported the highest increase by 4.0%, while Rhode Island decreased by 0.4% compared to a year ago. Across the 48 states which reported construction sector jobs data—which includes both residential as well as non-residential construction— 33 states reported an increase in June compared to May, while 14 states lost construction sector jobs. Massachusetts reported no change on a month-over-month basis. Texas added 11,000 construction jobs, while Virginia lost 3,200 jobs. Overall, the construction industry added a net 23,000 jobs in June compared to the previous month. In percentage terms, South Dakota increased by 4.3% while Iowa reported a decline of 2.0% between May and June. Year-over-year, construction sector jobs in the U.S. increased by 198,000, which is a 2.6% increase compared to the June 2022 level. Texas added 30,500 jobs, which was the largest gain of any state, while Missouri lost 1,800 construction sector jobs. In percentage terms, Arkansas had the highest annual growth rate in the construction sector by 11.8%. Over this period, Vermont reported a decline of 1.9%. Related ‹ Existing Home Sales Down Again Amid Limited InventoryTags: construction labor, economics, state and local markets, state employment

Employment Situation in June: State-Level Analysis2023-07-21T10:20:52-05:00

Single-Family Permits Decline in May 2023

2023-07-17T09:18:00-05:00

Over the first five months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 357,143. On a year-over-year (YoY) basis, this is 24.7% below the May 2022 level of 473,997. Year-to-date ending in May, single-family permits declined in all four regions. The Northeast posted the lowest decline of 14.7%, while the West region reported the steepest decline of 33.5%. The Midwest declined by 23.9% and the South declined by 22.3% in single-family permits during this time. For multifamily permits, the South is the only region to post a modest increase of 3.2% while the other three regions posted declines. Multifamily permits in the West were down 7.8%, down in the Northeast by 21.7%, and down in Midwest by 23.3%. Between May 2022 YTD and May 2023 YTD, except for Hawaii, all the other states and the District of Columbia reported declines in single-family permits. Hawaii posted a 25.3% increase while the other states posted declines ranging from 0.5% in New Jersey to 64.6% in Alaska. The ten states issuing the highest number of single-family permits combined accounted for 64.4% of the total single-family permits issued. Texas, the state with the highest number of single-family permits issued, declined 27.6% in the past 12 months while the next two highest states, Florida and North Carolina declined by 23.8% and 14.8% respectively. Year-to-date, ending in May, the total number of multifamily permits issued nationwide reached 247,005. This is 7.1% below the May 2022 level of 265,751. Between May 2022 YTD and May 2023 YTD, 19 states recorded growth, while 31 states and the District of Columbia recorded a decline in multifamily permits. North Dakota led the way with a sharp rise in multifamily permits from 105 to 668 while Hawaii had the largest decline of 62.0% from 737 to 280. The ten states issuing the highest number of multifamily permits combined accounted for 65.1% of the multifamily permits issued. Texas, the state with the highest number of multifamily permits issued, declined 5.8% in the past 12 months while the next two highest states, Florida and California increased by 7.8% and 2.2% respectively. At the local level, below are the top ten metro areas that issued the highest number of single-family permits. Top 10 Largest SF Markets May-23 (# of units YTD, NSA) YTD % Change(compared to May-22) Houston-The Woodlands-Sugar Land, TX                                         20,366 -17% Dallas-Fort Worth-Arlington, TX                                         16,187 -27% Atlanta-Sandy Springs-Roswell, GA                                           9,766 -22% Phoenix-Mesa-Scottsdale, AZ                                           8,878 -43% Charlotte-Concord-Gastonia, NC-SC                                           7,905 -19% Orlando-Kissimmee-Sanford, FL                                           6,933 -16% Austin-Round Rock, TX                                           6,256 -41% Nashville-Davidson–Murfreesboro–Franklin, TN                                           5,929 -25% Tampa-St. Petersburg-Clearwater, FL                                           5,634 -19% Raleigh, NC                                           5,425 -16% For multifamily permits, below are the top ten local areas that issued the highest number of permits. Top 10 Largest MF Markets May-23 (# of units YTD, NSA) YTD % Change(compared to May-22) New York-Newark-Jersey City, NY-NJ-PA                                         13,932 -32% Dallas-Fort Worth-Arlington, TX                                         11,173 -7% Houston-The Woodlands-Sugar Land, TX                                           9,513 15% Phoenix-Mesa-Scottsdale, AZ                                           8,339 30% Atlanta-Sandy Springs-Roswell, GA                                           7,855 18% Austin-Round Rock, TX                                           7,372 -33% Miami-Fort Lauderdale-West Palm Beach, FL                                           7,112 14% Los Angeles-Long Beach-Anaheim, CA                                           7,071 -12% Charlotte-Concord-Gastonia, NC-SC                                           5,841 28% Denver-Aurora-Lakewood, CO                                           5,744 4% Related ‹ U.S. Adds 209,000 Jobs in JuneTags: home building, multifamily, single-family, state and local markets, state permits

Single-Family Permits Decline in May 20232023-07-17T09:18:00-05:00

State-Level GDP in the First Quarter of 2023

2023-07-07T09:21:53-05:00

Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the first quarter of 2023. According to the U.S. Bureau of Economic Analysis (BEA), the percent change in real GDP increased ranged from 12.4 percent in North Dakota to 0.1 percent in Alabama and Rhode Island. Nationwide, growth in real GDP, measured on a seasonally adjusted annual rate basis, increased 2.0 percent in the first quarter of 2023, after an increase of 2.6 percent in the last quarter of 2022.  Health care and social assistance; retail trade; and agriculture, forestry, fishing, and hunting were the leading contributors to the increase in real GDP across the country. Regionally, real GDP growth increased in all the regions from the last quarter of 2022 to the first quarter of 2023. The percent change in real GDP ranged from 5.0 percent increase in the Plains region (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota) to 1.0 percent increase in the Great Lakes (Illinois, Indiana, Michigan, Ohio, and Wisconsin) region. Overall, 14 out of 21 industry groups contributed to the increase in real GDP. Agriculture, forestry, fishing and hunting; arts, entertainment, and recreation; and retail trade were the leading contributors to the increase in real GDP in the first quarter of 2023. On the other hand, finance and insurance industry group decreased in all 50 states and the District of Columbia. At the state level, agriculture, forestry, fishing, and hunting was the leading contributor to growth in North Dakota (12.4 percent), Nebraska (12.3 percent), South Dakota (10.1 percent), Kansas (6.0 percent), and Montana (6.0 percent), the five states with the largest increases in real GDP. Finance and insurance industry was the leading offset to growth in Rhode Island (0.1 percent), one of the states with the smallest increase in real GDP. Related ‹ Construction Job Openings Rise, But Long-Run Trend is DecliningTags: gdp, macroeconomics, state and local markets, state GDP

State-Level GDP in the First Quarter of 20232023-07-07T09:21:53-05:00

Employment Situation in May: State-Level Analysis

2023-06-22T09:16:35-05:00

Nonfarm payroll employment increased in 39 states and the District of Columbia in May compared to the previous month, while 11 states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 339,000 in May, following a gain of 294,000 jobs in April. On a month-over-month basis, employment data was strong in Texas, which added 51,000 jobs, followed by California (+47,300), and New York (+30,400). Eleven states lost a total of 20,500 jobs.  In percentage terms, employment in Utah increased by 0.5% while Vermont reported a 0.4% decline between April and May. Year-over-year ending in May, 4.1 million jobs have been added, marking a more than full recovery of the labor market from the COVID-19 pandemic induced recession. Except for Rhode Island, all the other states and District of Columbia added jobs compared to a year ago. The range of job gains spanned 529,800 jobs in Texas to 2,200 jobs added in West Virginia. Rhode Island lost 2,100 jobs on a year-over-year basis. In percentage terms, Texas reported the highest increase by 4.0%, while Rhode Island decreased by 0.4% compared to a year ago. Across the 48 states which reported construction sector jobs data—which includes both residential as well as non-residential construction— 23 states reported an increase in May compared to April, while 21 states lost construction sector jobs. Four states, Alaska, Kansas, Maine, and West Virginia reported no change on a month-over-month basis. California added 6,500 construction jobs, while Indiana lost 2,500 jobs. Overall, the construction industry added a net 25,000 jobs in May compared to the previous month. In percentage terms, Louisiana increased by 1.3% while Rhode Island reported a decline of 4.9% between April and May. Year-over-year, construction sector jobs in the U.S. increased by 192,000, which is a 2.5% increase compared to the May 2022 level. Texas added 21,100 jobs, which was the largest gain of any state, while Colorado lost 1,800 construction sector jobs. In percentage terms, Arkansas had the highest annual growth rate in the construction sector by 10.2%. Over this period, Connecticut reported a decline of 2.6%. Related ‹ Top 10 Builder Share Jumps in 2022Tags: construction labor, economics, state and local markets, state employment

Employment Situation in May: State-Level Analysis2023-06-22T09:16:35-05:00

About My Work

Phasellus non ante ac dui sagittis volutpat. Curabitur a quam nisl. Nam est elit, congue et quam id, laoreet consequat erat. Aenean porta placerat efficitur. Vestibulum et dictum massa, ac finibus turpis.

Recent Works

Recent Posts