With an economy that some believe is marching towards full employment, annual job growth nationally is slowing down. But some cities in the south and west of the country — where labor markets are coming from a lower base — are currently in the throes of strong headline job growth.
Jed Kolko, an economist who specializes in U.S. cities and the future of work, points out that mid-sized cities, such as Tucson, Arizona and Seattle, Washington, continue to see fast growth, but the San Francisco Bay area has fallen out of the top 10.
Strong job growth in the south could also be driving the pick-up in consumer sentiment in the region. Southern-based respondents in the University of Michigan’s consumer sentiment survey have indicated business conditions have improved over the past twelve months.
Better job security is fueling real-estate demand in the south, and a corresponding pick-up in homebuilder sentiment.
On the flip side, cities exhibiting slow job growth are those typically with large oil industries that are grappling with the impact of low oil prices. Tulsa, Oklahoma and Oklahoma City, Oklahoma both appear on this list.