Weekly Market Insight • State Employment Change; Year-to-date T hrough May (thousands) • 6/20/11

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State Employment Change
Year-to-date Through May (thousands)
June 20, 2011
bobsbox_20110620.jpgSource: Bureau of Labor Statistics, Grubb & Ellis Four of the five states posting the strongest job creation numbers year-to-date were also among the hardest-hit states during the recession. California and Florida, devastated by the housing collapse, are adding jobs at a respectable clip while manufacturers in Ohio and Illinois, particularly those related to exports and vehicle production, have rebounded briskly. However, these states remain well below their pre-recession employment peaks, particularly Florida, which is still down by 10.3 percent. Texas, which did not suffer from a housing bubble, is growing thanks to the energy industry and population in-migration. Texas trails its previous cyclical high by just 0.7 percent and could set a new peak by year-end. On a percentage basis, the top five growth states are North Dakota, Oklahoma and Nebraska – strong in energy and commodities – plus Ohio and Utah. Among the five states lagging in job growth year-to-date, Georgia – usually among the early states to recover following a recession – stands out as a victim of the housing bubble and the related distress among banks.
Robert Bach, Senior Vice President, Chief Economist, has 30 years of professional experience in real estate market research, consulting and city planning. His commentary on the real estate markets is provided here on a weekly basis.

Need more information? Contact:

Robert Bach
Senior Vice President, Chief Economist
312.698.6754

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© 2011 Grubb & Ellis, all rights reserved.
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About CRE Northwest

Specialist in office & investment real estate in Seattle & the Eastside
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