Understanding how job markets have performed during economic uncertainty can help companies considering expansion or relocation make site location decisions.
CBRE compared total nonfarm job growth from December 2022 and December 2024 to find metros with the fastest overall growth and those experiencing the most significant acceleration in job creation. The company said that this data can help companies identify regions with robust labor markets, potentially indicating a thriving economy, a deep talent pool, and favorable conditions for business growth.
To illustrate the difference between total growth rate and momentum, CBRE highlighted the New Orleans market, which saw employment levels drop 0.6% from December 2022 to December 2023 vs. 1.1% growth between December 2023 and December 2024, representing a +1.7 point momentum shift. On the other hand, Charleston led job growth from 2022 to 2023 at 4.7% but only saw a 2.8% gain during the 2023 to 2024 period, representing a momentum shift of -1.9.
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“Charleston [was] the faster growing market overall between 2023 and 2024, but New Orleans has more positive momentum, reversing job losses from the prior year,” the report said.
The top market for job growth between 2023 and 2024 was Stockton-Lodi, California, with an increase in jobs of 5.5%, followed by Boise City, Idaho, with 4.5%, Richmond, Virginia, with 3.1% and Salt Lake City, with 3%.
The markets with the greatest momentum shifts were Boise City at +3 points, Stockton-Lodi at +2.9 points, New Orleans at +1.7 points, Winston-Salem, North Carolina, at +1.6 points and New Haven, Connecticut, at +1.6 points. The markets with the largest negative momentum shift from 2023 to 2024 were Las Vegas at -3.2 points, Des Moines at -3.1 points, Reno at -2.5 points, Palm Bay, Florida, at -2.4 points and Columbus at -2.4 points.
Employment levels fluctuate for a variety of reasons, which makes discerning trends from two periods challenging, said CBRE. This report shows the markets where changes have been the most pronounced during a period of elevated interest rates. CBRE noted employment is just one-factor companies should consider when choosing locations. Other factors include cost of living, infrastructure, access to markets and overall business climate.
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
