Nevada has been the country’s big winner when it comes to growing jobs, according to research from RealPage and Bureau of Labor Statistics (BLS).
In fact, Nevada grew its total employment base at the highest rate in the country in 2023, experiencing 3.8% growth with a net addition of 57,700 jobs, according to data from the BLS.
Nearly three-fourths (73%) of the state’s total employment is in the Las Vegas metro area, with Vegas accounting for 80% of the state’s job growth in 2023, RealPage’s Charlotte Wheeler writes in a recent blog.
The Leisure/Hospitality Services sector (+16,000 jobs or 4.5% growth or one in four jobs) is the top performer followed by Professional/Business Services (+14,500 jobs or 6.7% growth) with the bulk of those additions in Las Vegas.
Texas created the most jobs last year (369,600) followed by California (+311,600) and Florida (+240,600).
Nevada was one of 12 states that exceeded the national average of 2% growth. The others were Idaho, South Dakota, Wyoming, Texas, South Carolina, West Virginia, Florida, Kentucky, New Mexico, North Dakota, and Arizona – giving dominance to the South and West regions of the country.
The next best were Idaho and South Dakota, which were 80 basis points behind Nevada at 3% growth.
“Pandemic darling” market Boise City accounted for more than half (52%) of that job growth while the metro area accounts for less than half (47%) of statewide employment, according to RealPage’s blog.
Boise City has grown its young adult population and apartment inventory hugely in recent years.
Education/Health Services (+9,500 jobs or 7.7% growth) and Government (+6,200 jobs or 4.8% growth) were the top sectors in Idaho.
South Dakota was driven by the construction industry (+5,200 jobs or 20.8% growth), which has 37% of its total employment in Sioux Falls.
The job growth in Sioux Falls has also “maintained very healthy apartment demand over the lows and highs recorded in the last couple of years,” Wheeler said.
Wyoming, with its minimal job market, grew it by 2.8%.
Other states that exceeded the national average job growth rate of 2% in 2023 were Texas (2.7%), South Carolina (2.6%), West Virginia (2.6%), Florida (2.5%), Kentucky (2.4%), New Mexico (2.4%), North Dakota (2.2%) and Arizona (2.1%). Three states – Delaware, Georgia, and North Carolina – grew their job bases exactly in line with the national norm of 2%.
Only Mississippi lost jobs in 2023, contracting by 0.7% with Professional/Business Services (-7,700 jobs), Manufacturing (-4,400 jobs), and Transportation/Utilities (-3,100 jobs) making a dent.
Eight states grew total employment by less than 1% in 2023.