"Austin and Denver, by contrast, are growing far more slowly than their historic averages, as technology and professional services jobs continue to decline. Philadelphia and New York also showed modest job gains of 1.8% and 1.7% respectively, both slightly above their long-term trends but largely reflecting continued recovery from post-recession lows rather than sustained outperformance. The Bay Area saw job losses of 0.4% year-over-year, driven by declines in high-income sectors despite the influence of the AI-driven tech boom, which has not meaningfully boosted employment."
"Data notes that employment composition now matters as much as overall job growth in shaping local housing markets. High-income industries such as information, professional services and financial activities are contracting across most metros. These jobs traditionally fuel homebuying demand. Nationally, employment in those sectors was flat in August compared to a year earlier, well below the long-term annual growth rate of 1.6%."
Austin and Denver are growing far more slowly than historic averages due to declines in technology and professional services jobs. Philadelphia and New York posted modest gains of 1.8% and 1.7%, reflecting recovery from post-recession lows. The Bay Area experienced a 0.4% year-over-year job loss as high-income sectors contracted despite an AI-driven tech boom. Employment composition now matters as much as overall job growth for local housing markets. High-income industries are contracting across most metros while education and healthcare grew 3.3% year-over-year, supporting rental demand more than home purchases and shifting builder and supplier strategies.
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