Florida job growth helps housing sales, the latest figures show.
In February 2019, Florida job growth was one of the highest in the nation at 2.3% year-over-year.
Florida job growth helps housing sales, says NAR
Job and wage growth are the economic drivers of housing demand, says the National Association of Realtors report.
The monthly State Employment Monitor tracks employment and also wage trends and how they affect the real estate market and housing demand.
In the U.S. manufacturing sector, net payroll employment increased by 2.5 million jobs from one year ago, up 1.7%. Since April 2013, the economy has been generating at least 2 million jobs annually. At two job earners per household, these job gains translate to a demand of 1.25 million housing units.
The State Employment Monitor analyzes monthly payroll employment data released by the Bureau of Labor Statistics (BLS). BLS releases the reference month’s data in the following month, while The Monitor is released a few weeks after the BLS data release.
Payroll employment rose in most industries (3-digit), except for utilities, information services, and also retail trade.
The largest sources of jobs were health care & social assistance (447,300); accommodation & food services (316,600); professional & technical services (286,600); manufacturing (244,000); construction (222,000); transportation and warehousing (185,800); and also administrative & waste services (182,100).
Construction jobs increased by 222,000 (313,000 job gains in February 2018) while real estate, rental, and leasing jobs rose by 65,500 (61,900 in February 2018) even as the housing market slowed in 2018.