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July U.S.Metro Employment Released
30 Aug 06
One year after Hurricane Katrina, New Orleans is showing some signs of job progress, while employment gains have been solid in the majority of U.S. metro areas.
One year after Hurricane Katrina, New Orleans is showing some signs of job progress, according to this morning's metro area employment report for July released by the Bureau of Labor Statistics. Since April, the metro area has added more than 6,000 jobs per month, led by gains in professional/business services, education/health, and construction, as recovery and rebuilding move forward. Nevertheless, there is still a long way to go: the Crescent City has 175,000 fewer jobs now than it did a year ago. Ironically, because so many residents have left the area, the metro area's unemployment rate is less than 5.0%, despite the massive job loss. Elsewhere in the country, job gains remained solid as the other 360 metro areas averaged an employment increase of 1.8% year-over-year. Metros in the mountain west states, Texas, and Southeast dominated the top 10, holding eight places. St. George, UT led the nation with 9.3% growth y/y, thanks to continued population surges, as retirees and others flocked to the area with a good climate and affordable housing. The border cities of Yuma, AZ and McAllen, TX, along with Prescott, AZ and college town Morgantown, WV, round out the top five. Among larger metropolitan areas, the economic prowess of the South and West is even more apparent. Top Job Growth Among 100 Largest Metros | McAllen, TX | 7.2% | Las Vegas, NV | 5.7% | Tucson, NV | 5.3% | Boise City, ID | 5.2% | Phoenix, AZ | 5.1% | Cape Coral-Fort Myers, FL | 4.9% | Sarasota, FL | 4.7% | Raleigh-Cary, NC | 4.5% | Salt Lake City, UT | 4.5% | Orlando, FL | 4.0% |
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Economic disparity continues, however: nearly five years after the official end of the 2001 recession, 98 of the nation's 361 metro areas still have not returned to their pre-recession job levels. No surprise, the list is dominated by midwestern and northeastern cities, which have been hurt by the decline of manufacturing and by high housing prices. Number of Metros that Have/Haven't Returned to Pre-Recession Job Levels | | | Have Not Returned | Have Returned | Northeast | 19 | 26 | Midwest | 44 | 45 | South | 27 | 121 | West | 8 | 71 |
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