The creation of new jobs spurs household formation and leads to new construction and helps to boost consumer confidence. “When employment is strong and growing, consumers are more confident about their present and future,” writes Jonathan Smoke, realtor.com®’s chief economist in his latest column. “When consumers are more confident, they are more likely to buy a home (or sell an existing home to buy another one).”
As such, realtor.com®’s research team identified five major markets that have seen the most growth in jobs and home sales over the past two years.
1. Portland, Ore.
- Home sales growth over the past 2 years: 12%
- Number of jobs created in 2 years: 94,000
- Unemployment rate: 4.3%
2. Nashville, Tenn.
- Home sales growth: 10%
- Unemployment rate: 3.4%
3. Charlotte, N.C.
- Home sales growth: 11%
- Number of jobs created: More than 75,000
- Unemployment rate: 5.2%
4. Boise, Idaho
- Home sales growth: up 13%
- Number of jobs created: 17,000
- Unemployment rate: 3.6%
5. Raleigh, N.C.
- Number of jobs created: 47,000
- Unemployment rate: 4.6%
Source: “Labor Day Special: Celebrating 5 Markets With Awesome Job and Housing Growth,” realtor.com® (Sept. 1, 2016)