US – Unemployment drops to 7.8%

October 17, 2012

At first blush, the report painted two starkly different pictures of the halting U.S. employment recovery. Employers added 114,000 jobs last month — typically, not nearly enough to push down unemployment –– yet, the jobless rate fell from 8.1% to 7.8%, its lowest since Jan. 2009.

The two figures are based on separate surveys. The 114,000 gain in payrolls comes from a survey of 140,000 private and public establishments. The 7.8% jobless rate is based on a survey of 60,000 households. In that survey, the number of Americans who said they were working last month jumped by 873,000, the most since January 2003.

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US – State, local govt jobs won’t recover until 2017

October 17, 2012

(Reuters) – U.S. state and local government employment won’t return to its pre-recession peak until early 2017, following widespread public sector layoffs that have continued this year, global information company IHS Global Insight said on Monday.

Total employment by states and cities could grow 3.2 percent to 19.9 million in 2017 from 19.3 million in 2012 – an addition of 620,000 jobs, IHS Global Insight said.

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US – Job Outlook in Key Industries

October 17, 2012

Of all the places that America’s new jobs are, the emerging energy business, directly or indirectly, might be responsible for more of them than almost anything else.

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US – Top 10 Metros with Highest Occupancy Rates

October 17, 2012

Across the board, occupancy rates were up during the third quarter of 2012, according to the latest data from Dallas-based Axiometrics.  Here’s a list of some cities among the highest in average occupancy rates as of the third quarter of 2012:

City Average Occupancy Rate
New York 97%
Boston 96.1%
Los Angeles 95.6%
Denver 95.3%
Chicago 95.2%
Seattle 95.2%
Dallas 94.5%
Orlando 94.4%
Houston 93.3%
Phoenix 93%

In terms of rent growth, San Francisco and San Jose led the way with annual rent growth of 11 percent and 8.8 percent year-over-year, respectively. Other leaders include Denver at 7.1 percent, Houston at 6.7 percent, and Seattle at 5.4 percent on a year-over-year basis for the third quarter.

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Vancouver Lower Mainland commercial sales continue to roll

October 17, 2012

Commercial real estate sales across the Lower Mainland continued to climb, hitting a record $5.71 billion over the last fiscal year as property prices and sales rose, according to a new report.

Of those, the majority was intended for housing development, which is counted as a commercial sale if no houses have yet been built. This suggests speculators think the residential slump will be shortlived, said George Carras, president of RealNet Canada, the real estate information services company behind Wednesday’s report.

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Canadian home sales slump as prices stay flat

October 17, 2012

CREA – Home sales declined in August even as prices ticked slightly higher.  The 8.9 per cent decline in activity is the largest annual drop since April 2011, CREA said, and was led by declines in major markets such as Vancouver, Toronto, Calgary, Edmonton and Ottawa.  On a monthly basis, sales were down by 5.8 per cent from July’s level, the largest drop in two years.

While the number of sales declined, prices held up. CREA says the average price of a Canadian home sold in August was $350,192, up 0.3 per cent from where it was a year ago.

 (click on Map)

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US – IHS report forecasts strong job growth through 2017 and beyond

October 17, 2012

As the nation continues to recover from the Great Recession, it’s expected to gain about 11.5 million jobs, or 8.6 percent, in the next five years, according to a report issued today by the U.S. Conference of Mayors.

That growth will be led by nearly 3.7 million jobs in professional and business services industries. Not only are those relatively low-paying jobs, but higher-paying management jobs are expected to drop in the same time frame, the report indicates.

The Dallas-Fort Worth area is expected to see 12.8 percent job growth in that time, ranking No. 4 nationally. The Phoenix area is forecast to lead U.S. metropolitan growth (14.2 percent), followed by Charlotte (13.8 percent), Laredo (13.7 percent). The report looked at 15 metro areas.

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