Weekly Economic Report

Weekly Economic Report 2.13.18

KEY MARKET INDICATORS as of Feb 12, 2018

Key Market Indicators 2.13.18

Q4 State Economic and Housing Market Conditions

The job market in most states reported moderate year-over-year growth during Q4. Job growth remained the strongest in the West, in the Southeast, and in Texas. In the Northeast and Midwest, only Massachusetts and Maryland reported stronger growth than the national average. Wyoming and West Virginia were the only states reporting year-over-year job losses during Q4. While earnings growth remains steady at 2.5% nationally, we are seeing some interesting differences across states. States with faster job growth generally reported faster earnings growth, suggesting that tighter labor market conditions are generating wage pressure at the state level.

Homebuilding activities varied significantly across states, in part because of quarterly volatility in multi-family construction. Homebuilders are ramping up production on the west coast, in the Carolinas and in Virginia, and in select markets in the Northeast and in the Midwest. However, building activity, especially for single-family homes remain low compared to the long-term average. Homeownership is beginning to rebound across the country, with 30 states reporting higher homeownership rates compared to a year ago.

Weekly Economic Graph 2.13.18

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