Of course the big cities are going to add a lot of jobs. Job growth as a share of population can shed light on relative improvements for some smaller markets, and for larger markets that show big improvements.ThinkWhy
LaborIQ predicts Construction, Healthcare, Professional and Business Services and Trade, Transportation and Utilities will recover jobs lost in 2022. Competition for available labor is not letting up.
The four metros expected to add the most jobs overall in 2022 – New York, Los Angeles, Chicago and Dallas-Fort Worth – are also the four largest metros by population. Their projected job gains are over 880,000 – one in four jobs added nationally this year will be in these top markets.
Job gains for larger markets play an out-sized role in the national recovery and economy. But job growth as a share of population can shed light on relative improvements for some smaller markets, and for larger markets that show big improvements.
The top markets for job growth should expect to see 4% increases in employment over the course of 2022, adding a combined 845,000 jobs. Nationally, job growth in 2022 is expected to be just over 2%. Places like Las Vegas, Honolulu, Myrtle Beach and Orlando that saw huge drops in tourism should add more jobs as travel, especially business travel, start to pick up.
Notably, New York and Chicago are also projected to see major job growth relative to their populations. These metros were hit hard by the pandemic. As office workers went remote, and some even relocated permanently from the city center, the businesses supporting them – like coffee shops, restaurants and bars – weren’t in high demand.
