- Stockton-Lodi, CA, led job growth between 2023 and 2024 with a 5.5% employment increase, followed by Boise City, ID (4.5%), Richmond, VA (3.1%), and Salt Lake City, UT (3%).
- Boise City saw the largest momentum shift (+3 points), indicating accelerating job growth, while Las Vegas (-3.2 points) experienced the steepest decline.
- New Orleans reversed job losses, shifting from a -0.6% decline (2022-2023) to a 1.1% gain (2023-2024).
- Employment trends signal economic strength, but site selection decisions should consider the cost of living, infrastructure, and market access.
CBRE’s latest analysis highlighted the US metros with the strongest job growth and momentum shifts, providing insights for companies looking to expand or relocate, per GlobeSt.
Where Job Growth is Surging
A CBRE analysis of total nonfarm employment from December 2022 to December 2024 highlights the US metros with the fastest job growth and those with the fastest acceleration in hiring during the two-year period.
They found that the top US metros for job growth from 2023 to 2024 were:
- Stockton-Lodi, CA – 5.5% job growth
- Boise City, ID – 4.5%
- Richmond, VA – 3.1%
- Salt Lake City, UT – 3.0%
These cities all saw robust labor market expansion, signaling a deepening talent pool and favorable economic conditions.
Get Smarter about what matters in CRE
Stay ahead of trends in commercial real estate with CRE Daily – the free newsletter delivering everything you need to start your day in just 5-minutes
Shifting Employment Trends
Job growth momentum—which measures the difference in employment rate changes from one year to the next—provided further insight into evolving labor market trends.
The US markets with the largest positive momentum shifts for job growth were:
- Boise City, ID (+3.0 points)
- Stockton-Lodi, CA (+2.9 points)
- New Orleans, LA (+1.7 points)
- Winston-Salem, NC (+1.6 points)
- New Haven, CT (+1.6 points)
For example, New Orleans reversed job losses, improving from a -0.6% decline (2022–2023) to a 1.1% gain (2023–2024), signaling economic recovery. Meanwhile, Charleston, SC, which led job growth in 2022–2023 (4.7%), slowed down to 2.8% in 2023–2024, a -1.9 point momentum loss.
Meanwhile, the US markets with the largest negative momentum shifts for jobs were:
- Las Vegas, NV (-3.2 points)
- Des Moines, IA (-3.1 points)
- Reno, NV (-2.5 points)
- Palm Bay, FL (-2.4 points)
- Columbus, OH (-2.4 points)
What’s Next?
CBRE notes that employment trends alone don’t dictate expansion decisions. Companies should also evaluate the cost of living, infrastructure, access to key markets, and overall business climate when considering relocation or investment.
That being said, you don’t have to be an economist to know that major metros with strong job growth and positive momentum shifts may offer a thriving economy, a skilled workforce, and a favorable environment for business expansion for many years to come.
