16 Oct 2019 Fastest Growing Large Metro Economies of 2018 are Austin, Orlando, and Phoenix; Slowest are Buffalo, New Orleans, and Hartford
Recently released data from the U.S. Bureau of Labor Statistics illuminates which large metros have the fastest growing economies. Growth is measured by the percentage change in employment between the annual average of 2017 and 2018. Headlight Data ranks employment growth for the 53 largest metros (1,000,000+ people) in the U.S.
In 2018, U.S. employment grew 1.6%. Among large metros, the highest growth is found in Austin (3.7%), Orlando (3.5%), and Phoenix (3.4%). Nashville, Las Vegas, and Riverside follow.
The lowest employment growth is found in Buffalo (0.3%), New Orleans (0.4%), and Hartford (0.6%). Chicago, St. Louis, and Cleveland follow.
The U.S. growth rate increased 0.2 percentage points in 2018 versus 2017. 27 out of 53 large metros experienced an improvement. The large metros showing the most improvement (with the greatest increase in the annual growth rate) are Oklahoma City (+1.7 pts.), Houston (+1.5 pts.) and Sacramento (+1.2 pts.). New Orleans, Rochester, and Memphis also experienced an improvement.
About 1 out of 2 metros have slowed since 2017. The large metros with the largest declines in growth rate are Charlotte (0.65 pts. decrease), Atlanta (-0.63 pts.) and Jacksonville (-0.6 pts.). Other metros with a large declining growth rate include Columbus, Richmond, and San Francisco.
Research, analysis and content developed by Headlight Data. Original data from the U.S. Bureau of Labor Statistics.
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