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Unemployment Recap

This is great data straight from the Department of Labor that I found to be extremely useful. Not surprising is that the fall of the auto industry has left Detroit near the bottom. What will surprise many is that the hot markets of Vegas, California and Florida dominate the areas with highest unemployment. These are the same markets that saw the highest peak and largest fall and cannot bode well for these markets until job stability returns. Other smaller, less hyped markets have less unemployment, far less than the national average of 9.5%. Washington DC is number one at 6%, well below the national average. A few Texas markets have low unemployment as well as some MidWest cities like Cleveland, Columbus, Pittsburgh and Milwaukee.

Unemployment is very important when choosing a market to invest in. Low unemployment is usually correlated with appreciation, low vacancy rates, demand for housing, increased population and other positive market factors. I urge you to consider other factors as well such as competition, availability of great deals, returns, vacancy rate, depreciation, etc. For further information, check out my other blog posts on Population recap, Where to Invest as well as my helpful guides on Market Stability, Where to Invest, Markets with Highest Returns, etc. They will provide very useful info on a lot of the other factors to consider when choosing where to invest and include recommendations. I hope this helps.

Top Markets by Unemployment Percent

City

State

Unemployment % May10

Month Change

Year Change

Washington-Arlington-Alexandria

District of Columbia

6

2.90%

0.54%

Minneapolis-St. Paul-Bloomington

Minnesota

6.4

-5.90%

-19.55%

Austin-Round Rock-San Marcos

Texas

6.9

-1.86%

7.85%

Salt Lake City

Utah

7

1.96%

5.32%

San Antonio-New Braunfels

Texas

7.1

-2.38%

15.02%

Virginia Beach-Norfolk-Newport News

Virginia

7.3

4.10%

7.96%

Baltimore-Towson

Maryland

7.4

3.22%

-0.19%

Richmond

Virginia

7.6

3.29%

-0.40%

Buffalo-Niagara Falls

New York

7.6

-2.20%

-7.69%

Denver-Aurora-Broomfield

Colorado

7.7

-2.05%

-9.01%

Dallas-Fort Worth-Arlington

Texas

8.1

-1.43%

10.03%

Boston-Cambridge-Quincy

Massachusetts

8.2

-0.57%

9.87%

Milwaukee-Waukesha-West Allis

Wisconsin

8.2

-3.75%

-8.94%

Houston-Sugar Land-Baytown

Texas

8.3

-1.03%

17.33%

Kansas City

Missouri

8.3

-0.82%

-7.51%

Seattle-Tacoma-Bellevue

Washington

8.4

0.19%

-5.66%

Pittsburgh

Pennsylvania

8.5

5.33%

20.07%

New York-North New Jersey-Long Island

New York

8.7

-0.47%

2.60%

Phoenix-Mesa-Glendale

Arizona

8.7

2.68%

6.18%

Columbus

Ohio

8.7

-7.11%

8.43%

Connecticut

Colorado

8.8

3.50%

8.51%

Indianapolis-Carmel

Indiana

8.9

0.00%

0.00%

Hartford-West Hartford-East Hartford

Colorado

8.9

4.31%

9.47%

Nashville-Davidson—Franklin

Tennessee

9

-2.58%

-3.89%

Cleveland-Elyria-Mentor

Ohio

9.1

1.57%

-5.17%

St. Louis

Missouri

9.2

-3.88%

-4.58%

New York City

New York

9.4

-1.01%

3.64%

Philadelphia-Camden-Wilmington

Pennsylvania

9.4

3.44%

15.06%

National Average

9.5

Cincinnati-Middletown

Ohio

9.7

-5.36%

5.29%

Atlanta-Sandy Springs-Marietta

Georgia

9.9

1.19%

5.84%

Louisville-Jefferson County

Kentucky

9.9

-0.32%

-4.57%

San Diego-Carlsbad-San Marcos

California

10

-3.50%

8.58%

San Francisco-Oakland-Fremont

California

10.1

-3.92%

6.22%

Portland-Vancouver-Hillsboro

Oregon

10.2

-3.09%

-6.65%

Memphis

Tennessee

10.2

-2.07%

3.54%

Chicago-Joliet-Naperville

Illinois

10.3

-3.89%

0.58%

Jacksonville

Florida

10.8

-1.84%

13.35%

Charlotte-Gastonia-Rock Hill

North Carolina

10.9

-2.68%

-5.32%

Orlando-Kissimmee-Sanford

Florida

11.1

-2.35%

11.67%

Miami-Fort Lauderdale-Pompano Beach

Florida

11.2

3.06%

13.96%

San Jose-Sunnyvale-Santa Clara

California

11.2

-4.19%

2.03%

Los Angeles-Long Beach-Santa Ana

California

11.4

0.66%

7.21%

Tampa-St. Petersburg-Clearwater

Florida

11.7

-2.04%

11.63%

Sacramento—Arden-Arcade—Roseville

California

12

-3.30%

12.39%

Providence-Fall River-Warwick

Rhode Island

12.1

-3.29%

11.36%

Detroit-Warren-Livonia

Michigan

13.7

-7.97%

-8.21%

Riverside-San Bernardino-Ontario

California

13.9

-2.58%

9.20%

Las Vegas-Paradise

Nevada

14.1

-1.36%

24.19%

Unemployment by Largest Decrease in Last Year

City

State

Unemployment % May10

Month Change

Year Change

Minneapolis-St. Paul-Bloomington

Minnesota

6.4

-5.90%

-19.55%

Denver-Aurora-Broomfield

Colorado

7.7

-2.05%

-9.01%

Milwaukee-Waukesha-West Allis

Wisconsin

8.2

-3.75%

-8.94%

Detroit-Warren-Livonia

Michigan

13.7

-7.97%

-8.21%

Buffalo-Niagara Falls

New York

7.6

-2.20%

-7.69%

Kansas City

Missouri

8.3

-0.82%

-7.51%

Portland-Vancouver-Hillsboro

Oregon

10.2

-3.09%

-6.65%

Seattle-Tacoma-Bellevue

Washington

8.4

0.19%

-5.66%

Charlotte-Gastonia-Rock Hill

North Carolina

10.9

-2.68%

-5.32%

Cleveland-Elyria-Mentor

Ohio

9.1

1.57%

-5.17%

St. Louis

Missouri

9.2

-3.88%

-4.58%

Louisville-Jefferson County

Kentucky

9.9

-0.32%

-4.57%

Nashville-Davidson—Franklin

Tennessee

9

-2.58%

-3.89%

Richmond

Virginia

7.6

3.29%

-0.40%

Baltimore-Towson

Maryland

7.4

3.22%

-0.19%

Indianapolis-Carmel

Indiana

8.9

0.00%

0.00%

Washington-Arlington-Alexandria

District of Columbia

6

2.90%

0.54%

Chicago-Joliet-Naperville

Illinois

10.3

-3.89%

0.58%

San Jose-Sunnyvale-Santa Clara

California

11.2

-4.19%

2.03%

New York-North New Jersey-Long Island

New York

8.7

-0.47%

2.60%

Memphis

Tennessee

10.2

-2.07%

3.54%

New York City

New York

9.4

-1.01%

3.64%

Cincinnati-Middletown

Ohio

9.7

-5.36%

5.29%

Salt Lake City

Utah

7

1.96%

5.32%

Atlanta-Sandy Springs-Marietta

Georgia

9.9

1.19%

5.84%

Phoenix-Mesa-Glendale

Arizona

8.7

2.68%

6.18%

San Francisco-Oakland-Fremont

California

10.1

-3.92%

6.22%

Los Angeles-Long Beach-Santa Ana

California

11.4

0.66%

7.21%

Austin-Round Rock-San Marcos

Texas

6.9

-1.86%

7.85%

Virginia Beach-Norfolk-Newport News

Virginia

7.3

4.10%

7.96%

Columbus

Ohio

8.7

-7.11%

8.43%

Connecticut

Colorado

8.8

3.50%

8.51%

San Diego-Carlsbad-San Marcos

California

10

-3.50%

8.58%

Riverside-San Bernardino-Ontario

California

13.9

-2.58%

9.20%

Hartford-West Hartford-East Hartford

Colorado

8.9

4.31%

9.47%

Boston-Cambridge-Quincy

Massachusetts

8.2

-0.57%

9.87%

Dallas-Fort Worth-Arlington

Texas

8.1

-1.43%

10.03%

Providence-Fall River-Warwick

Rhode Island

12.1

-3.29%

11.36%

Tampa-St. Petersburg-Clearwater

Florida

11.7

-2.04%

11.63%

Orlando-Kissimmee-Sanford

Florida

11.1

-2.35%

11.67%

Sacramento—Arden-Arcade—Roseville

California

12

-3.30%

12.39%

Jacksonville

Florida

10.8

-1.84%

13.35%

Miami-Fort Lauderdale-Pompano Beach

Florida

11.2

3.06%

13.96%

San Antonio-New Braunfels

Texas

7.1

-2.38%

15.02%

Philadelphia-Camden-Wilmington

Pennsylvania

9.4

3.44%

15.06%

Houston-Sugar Land-Baytown

Texas

8.3

-1.03%

17.33%

Pittsburgh

Pennsylvania

8.5

5.33%

20.07%

Las Vegas-Paradise

Nevada

14.1

-1.36%

24.19%

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