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“Ten years from now we’ll still be on top…with a team much stronger than yours”

• BLS recently re-benchmarked their employment numbers, resulting in some significant changes across markets.  

• This adjustment looks to have gone back to the early 2015.  The main reason for the change is BLS is based on a survey of “large employers” and it takes time to reflect growth in smaller companies and start-ups.

• While a few markets saw a notable increase in last year’s gains, like LA, the Bay area, Houston, and Austin – many got pushed back significantly (among those being Boston, Miami, Minneapolis, Tampa, and Washington, DC).  Even Texas saw 64,000 jobs (19%) taken back from last year’s gains.

• DFW remained strong through the re-benchmark.  The biggest change was that NY and LA regained their apparent lost momentum – so we have kept our customary “top-3 place” in major market job growth.  

• Lastly, “I thought I told you that we won’t stop” – we are growing annually at 2.7% – which, as we’ve reported, puts us in the top 25% of the major markets we track – and the fastest growing of the larger regional economies.  

Source: Bureau of Labor Statistics; Chris Wallace (aka, Notorious B.I.G.); JLL Research

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