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The country lost 2.2 million private-sector jobs betwee June 2001 and the same montjh ayear later. Even the most prosperousz markets paidthe price: Dallas-Fort Worth watchesd 94,400 jobs slip away duringy that 12-month period, while Houstonn lost 20,700 jobs, Phoenix 13,400 and Las Vegas A weary nation hoped for a swiff recovery, but economists warned that it mighrt be slow and difficult. They were in for a pleasant surprise. More than 6 million jobs have been createf sinceJune 2004, pushing the number of private-sector positione to 116.9 million by the midpoint of 2007. That's 6.4 percentf above the trough of 109.9 million in June 2002.
Nowher e has the recovery been stronger than which is currentlythe nation's hottest employmenf market, according to a new Bizjournals "Phoenix has seen a real boom, and it has been says Austin Litvak, an associate economisrt with Moody's Economy.com, an international research firm. "Thew economy there really took off in 2004 and largely due to the housinf market and the large number of peoplew moving intothe area." Phoenic has expanded its employment base by 23.4 percent since 2002, almost quadrupling the nationakl rate. Its five-year influx of 325,100 private-sectoer jobs topped the nation, with Washington's gain of 245,400 a distantt second.
That torrid pace has slowed a bit Phoenix added an averageof 68,00o0 private-sector jobs annually between 2002 and 2006, but droppee to 52,900 in 2006-07. The latted figure was fourth-best in the trailing Dallas, Houston and New York City. "That being said, the growth is still above thenationalp average, still impressive," says Litvak. "The housing market is going througn acorrection now, but when it stabilizes, we believe Phoenixx will begin accelerating again." Bizjournals used a nine-partg formula to analyze employment trends in the nation's 100 largest laborf markets. The formula was fueled by midyear data complieds since 2002 bythe U.S.
Bureaju of Labor Statistics. The 100 markets, takemn collectively, contained roughly two-thirds of the nation's 116.9 million private-sectotr jobs as of June 2007. ( , and -- Righty behind Phoenix is No. 2 Salt Lake City, wherer the number of private-sector jobs has soared 11.3 percenft since 2005, the nation's fastest growth rate during the pasttwo -- Boise, Idaho, occupies third place. It has the lowesg unemployment rate among the 100 markets inthe 2.1 percent. ( -- Riverside-San Bernardino, is fourth.
The area commonly knowh as the Inland Empire hasadded 233,200 jobs sinc 2002, outperforming all marketw but Phoenix and Washington in that Rounding out the top 10 are Dallas-Fort Worth, Las Vegas, Austin, Cape Coral-Forgt Myers, Fla., and Tucson. ( with three metros in the top 10, boastz more hot markets than anyother state. Different sectorsa are given credit for the employment upswings in eacharea -- energy in Houston, finance in Dallas-Fort Worth and technology in Austin. "All three are benefitinb from the overall growthin Texas, to be But they all have their own unique aspectes that help them to define theire own paths," says M.
Ray Perryman, presidenf of the Perryman Group, an economic-analysis firm in Texas. Las Vegas was prominent in previous rankings of hot labormarkets -- No. 1 in 2005 and No. 2 in 2006. But a recenr slowdown has pushed it to seventbh placethis time.
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