California's Major Metros See Widespread Job Losses in Latest Employment Data
All but two of California’s major metros had job losses for the year ended in January after the Bureau of Labor Statistics revised its 2024 employment benchmarks downward.
Of the bottom 10 metros for an employment change, six were in California, according to a RealPage analysis. That includes Los Angeles, which lost 13,900 jobs; San Francisco, down 10,500; and Anaheim, which lost 10,400. The report said the weaker employment situation in the Golden State comes at a time when its new apartment supply is still peaking.
Meanwhile, many of the top 10 metros for job change remained the same in the past months. They include New York, up 150,500 jobs; Houston, up 56,500; Dallas, up 35,600; Philadelphia, up 34,000; and Orlando, up 32,100. Also, Washington, D.C.; Miami; Chicago; Seattle; and Atlanta made the list.
Overall, the top 10 markets added 438,800 jobs for the year in January, more than 22,000 than the same 10 added last January. The following 10 markets, however, saw 6.6 percent less job growth, with just 190,500 new employment opportunities added. Twenty of RealPage’s top 150 markets reported annual job losses for the year, seven more than last month. Other markets reporting annual employment losses include Baltimore, Memphis, Tucson, St. Louis, and Cincinnati.
Smaller markets continued their trend strength in state capitals, college towns, and resort cities. College Station, Texas, and Boise, Idaho, were the top two markets for job change, with 4.5% growth and 3.6%, respectively. Salem, Oregon, improved employment by 3%, and Fayetteville, Arkansas, improved employment by 2.9%.
Three small Southern markets – Huntsville, Alabama; Fort Walton Beach, Florida; and Charleston, South Carolina – tied for sixth place with 2.7% growth, while Fresno, California, and Tacoma, Washington, tied for ninth with 2.6% gains.
Outside of the top 10 growth markets, four had growth rates of 2.4%. They were Lincoln, Nebraska; Wilmington, Delaware; Salinas, California; and New York. Including the top 10, 60 markets exceeded the national not seasonally adjusted growth rate of 1.4%, according to the report.
Source: GlobeSt/ALM