Updated: Jan 9
You probably heard that when it comes to real estate, location is one of the most important factors. What makes a market a solid one for real estate? The answer is complex, but job growth is one of the main factors that make a market a strong market (in addition, I also look at population growth and rent growth as well).
In the past decade, the U.S. economy has been steadily growing. One of the signs for solid growth has been stable employment. Over the past 5 years, the employment rate has increased by 7%.
Employment growth is related to population growth because people move to areas where they can find more employment opportunities. Hence, a market with a solid employment base will almost always attract people, whom many can be potential tenants.
Here’s a list of the top 10 markets with the highest job growth in the country:
City #10: Gainesville, GA
Jobs added in the past 5 years: +16,111
% of jobs added in the past 5 years: 19.4%
Employment rate: 97.2%
City #9: Fort Collins, CO
Jobs added in the past 5 years: +33,350
% of jobs added in the past 5 years: 19.6%
Employment rate: 98%
City #8: Phoenix-Mesa-Scottsdale, AZ
Jobs added in the past 5 years: +388,901 jobs
% of jobs added in the past 5 years: 19.7%
Employment rate: 96%
City #7: Boise City, ID