All Carolinas Are Not Created Equally | John Burns Real Estate Consulting

All Carolinas Are Not Created Equally


We used to refer to the Carolinas in one breath, as if all of the markets behaved similarly. Today, that could not be further from the truth. All of the major housing markets (Charlotte, Raleigh, Wilmington, Myrtle Beach, Charleston and Hilton Head) have wildly different outlooks. In this analysis, we will look at Charlotte and Raleigh.

Over the years, Charlotte has become a major finance hub because of Wachovia’s national expansion and NationsBank’s 1998 acquisition of San Francisco-based Bank of America. With the distress at both institutions, employment has suffered greatly and the housing market along with it.

Over many decades but especially over the last 15 years, the Raleigh MSA has developed a huge technology-oriented employment base, revolving around the three great universities: Duke (Durham), University of North Carolina (Chapel Hill) and N.C. State (Raleigh). While the banking business boomed earlier this decade, the technology business tanked, and we believe the next few years will be the exact opposite, as technology soars again while banks struggle. Therefore, we expect Raleigh’s housing market to outperform Charlotte’s market.

Here is some more information to support our thesis:

  • Job Losses: Charlotte’s 12-month job loss rate at -5.7% is more than double Raleigh’s -2.4%, and equates to nearly 49,000 jobs lost in the last 12 months versus nearly 13,000 in Raleigh. Our forecasts project Raleigh’s job growth rate will outpace Charlotte’s through 2013.
  • Unemployment: Charlotte’s unemployment rate as of November is higher than average at 12.0% versus Raleigh’s lower than average rate of 8.6%. The rate is 10% nationally.
  • New Home Sales: Raleigh saw strong new home sales through the summer and early fall, which ate through much of the housing inventory in more desirable locations. Initially, sales were limited to the entry level price ranges, but expanded in the Fall to include sales at better located, affordable move-up and active adult communities.
  • Charlotte didn’t see an equivalent lift in traffic and sales this year. Sales did pickup somewhat from the devastating declines at the end of 2008, but Charlotte builders have continued to report lackluster activity, even at the entry level.
  • Land prices: In Raleigh, land prices have fallen dramatically in Raleigh’s outer locations, while demand for “A” location detached lots has been strong, particularly among several public builders in the market.
  • While there is less evidence of price capitulation in the more remote locations in Charlotte, there is also less appetite for “A” locations. The removal of the #1 builder in Charlotte from the market, however, will help stabilize the competitive environment.
  • New start-ups: Raleigh has several small, start-up homebuilding companies headed by former division presidents, which will grow new businesses offering affordable homes on lots purchased at distressed prices. The presence of start-up homebuilders is a positive sign of Raleigh’s shift towards recovery, based on watching prior recoveries. In Charlotte, we are not hearing of the same level of start-ups by former division presidents and private builders recreating themselves.

Conclusion: In order to accurately assess the risk risk/reward, it is important to recognize these 2 metros as distinct entities with unique dynamics in play. It is even more important to look at each submarket, which we have done in our 2010 Land Acquisition and New Home Sales Strategy year-end reports, which can be viewed HERE

This is the most current available data for all variables and markets.

Permits Statistics
Employment Statistics
Affordability
12-
12-
Total
NF Payroll Employment
State
Metro Area*
Month
S. Fam. Permits
Month
Total Permits
Permits / Peak Permits
1-Yr Growth
1-Yr Growth Rate
Unemp Rate
Median Home Price
Housing Costs / Income
Housing Cycle Barometer
Alabama
Anniston-Oxford 131 183 39% (1,800) (3.4%) 11.2% $85,603 19% 0.2
Auburn-Opelika 619 1,249 57% (2,600) (4.7%) 8.8% $130,340 27% 0.3
Birmingham 1,655 1,770 23% (20,100) (3.8%) 9.9% $137,596 24% 1.2
Decatur 87 87 9% (3,200) (5.5%) 11.0% $95,948 20% 0.6
Dothan 237 295 39% (1,900) (3.1%) 9.3% $89,983 19% 0.1
Florence 131 151 19% (2,100) (3.7%) 10.9% $95,409 20% 0.3
Gadsden 118 118 30% (500) (1.3%) 10.5% $85,015 21% 1.3
Huntsville 2,341 3,276 66% (4,700) (2.2%) 7.9% $121,206 19% 0.5
Mobile 1,156 1,950 70% (4,600) (2.5%) 11.0% $126,626 27% 2.6
Montgomery 427 457 18% (6,000) (3.3%) 10.0% $128,591 23% 0.4
Tuscaloosa 371 754 29% (3,200) (3.2%) 9.3% $117,792 25% 0.1
Alaska
Anchorage 281 539 6% (1,800) (1.0%) 7.4% $179,046 20% 0.0
Fairbanks 33 33 4% (500) (1.3%) 7.4% $143,373 18% 0.2
Arizona
Flagstaff 153 459 34% (4,300) (6.6%) 8.1% $299,000 58% 7.3
Phoenix 8,696 9,570 14% (135,100) (7.3%) 8.7% $132,937 21% 1.5
Prescott 383 522 12% (3,400) (5.6%) 9.5% $145,336 30% 0.0
Tucson 1,930 1,993 16% (19,400) (5.1%) 8.4% $165,000 32% 2.9
Yuma 708 800 30% (3,700) (7.0%) 23.5% $141,250 33% 5.0
Arkansas
Fayetteville 975 1,555 21% (3,000) (1.4%) 5.3% $106,069 16% 0.0
Fort Smith 587 853 65% (2,100) (1.7%) 7.8% $77,395 14% 0.0
Hot Springs 36 36 10% 500 1.3% 6.6% $113,668 21% 0.1
Jonesboro 386 405 41% (200) (0.4%) 6.2% $74,856 13% 0.0
Little Rock 1,624 3,001 52% (5,600) (1.6%) 5.9% $131,948 19% 0.2
Pine Bluff 46 70 17% (300) (0.8%) 8.8% $66,444 13% 0.0
California
Bakersfield 1,411 1,702 19% (6,800) (2.8%) 14.5% $130,000 24% 1.8
Chico 381 387 20% (2,600) (3.5%) 12.8% $195,500 38% 3.0
El Centro 245 250 11% (1,100) (2.4%) 30.0% $120,000 26% 1.6
Fresno 1,829 1,934 26% (10,900) (3.6%) 15.8% $155,000 29% 2.7
Hanford 161 218 16% (1,700) (4.5%) 15.5% $105,000 20% 0.0
Los Angeles (D) 2,096 5,938 9% (151,000) (3.7%) 12.6% $325,000 50% 3.2
Madera 82 137 6% (600) (1.7%) 13.8% $132,000 28% 1.8
Merced 117 117 3% (1,700) (2.9%) 16.4% $110,500 22% 0.6
Modesto 318 338 5% (4,700) (3.0%) 16.6% $140,000 23% 0.7
Monterey 95 170 6% (5,900) (4.6%) 10.6% $225,500 33% 1.0
Napa 105 115 12% (4,100) (6.3%) 9.0% $360,000 44% 3.1
Oakland (D) 1,680 2,927 13% (38,900) (3.8%) 11.5% $329,000 38% 2.3
Orange County (D) 1,195 2,046 8% (52,000) (3.5%) 9.6% $490,000 54% 5.1
Redding 200 390 17% (4,000) (6.4%) 15.3% $190,000 35% 3.8
Riverside-San Bernardino 4,224 5,983 10% (63,300) (5.3%) 14.6% $165,000 25% 0.7
Sacramento 2,731 3,270 14% (46,800) (5.3%) 12.3% $210,500 29% 1.8
San Diego 1,819 3,109 7% (52,200) (4.0%) 10.5% $360,000 48% 3.8
San Francisco (D) 361 1,229 18% (49,200) (4.9%) 9.3% $690,000 76% 5.0
San Jose 595 1,592 16% (45,500) (5.0%) 11.9% $535,000 53% 4.8
San Luis Obispo 316 390 11% (2,600) (2.5%) 9.1% $392,250 64% 5.4
Santa Barbara 165 179 7% (3,000) (1.7%) 8.8% $307,500 47% 3.1
Santa Cruz 123 123 9% (3,700) (4.0%) 10.7% $470,000 60% 3.6
Santa Rosa 405 409 7% (8,900) (4.8%) 10.1% $350,000 46% 3.0
Stockton 676 681 10% (6,700) (3.2%) 16.1% $160,000 24% 0.8
Vallejo-Fairfield 524 524 8% (5,100) (4.1%) 12.0% $198,000 26% 0.8
Ventura 244 425 6% (12,400) (4.3%) 11.1% $410,000 45% 4.2
Visalia-Porterville 922 1,052 29% (3,800) (3.4%) 15.9% $127,500 24% 1.1
Yuba-Sutter 183 183 6% (2,500) (6.2%) 17.6% $150,000 28% 0.9
Colorado
Boulder 217 628 12% (8,800) (5.2%) 5.3% $306,000 32% 3.0
Colorado Springs 1,307 1,323 12% (11,200) (4.3%) 7.1% $178,900 22% 0.9
Denver 2,612 4,049 14% (48,600) (3.9%) 6.8% $217,000 26% 3.0
Fort Collins 355 435 12% (4,500) (3.2%) 5.5% $210,000 26% 0.8
Grand Junction 389 391 19% (4,900) (7.3%) 8.0% $146,319 23% 0.0
Greeley 691 744 17% (4,900) (5.8%) 7.4% $160,000 20% 0.9
Pueblo 192 383 27% (1,500) (2.5%) 7.4% $82,375 15% 0.0
Connecticut
Bridgeport 405 1,458 28% (14,000) (3.3%) 8.0% $359,871 35% 0.7
Hartford 767 1,135 11% (18,500) (3.3%) 8.4% $227,575 28% 0.0
New Haven 327 416 6% (5,100) (1.8%) 8.3% $225,271 30% 0.6
Delaware
Dover 692 743 34% (2,800) (4.3%) 8.3% $189,835 32% 5.3
Wilmington (D) 905 1,150 18% (16,900) (4.8%) 8.9% $195,233 28% 1.8
District of Columbia
Washington D.C. (D) 7,328 10,339 27% (25,700) (1.1%) 6.3% $287,056 27% 1.9
Florida
Daytona Beach 696 784 10% (5,100) (3.1%) 11.7% $110,500 22% 1.0
Fort Lauderdale (D) 536 1,126 6% (26,800) (3.5%) 9.7% $170,000 27% 0.7
Fort Myers 881 952 3% (14,300) (6.8%) 13.7% $89,500 15% 0.3
Fort Walton Beach 300 342 9% (2,800) (3.4%) 7.4% $163,281 24% 0.0
Gainesville 356 515 16% (3,600) (2.6%) 7.3% $155,935 35% 2.6
Jacksonville 3,294 4,690 19% (23,300) (3.8%) 10.7% $145,000 23% 3.1
Lakeland 1,196 1,196 9% (8,800) (4.3%) 12.5% $111,500 22% 2.6
Melbourne 840 1,056 11% (7,100) (3.5%) 11.4% $119,450 21% 1.2
Miami (D) 565 1,594 6% (28,700) (2.8%) 11.8% $169,200 33% 1.7
Naples 580 882 11% (8,900) (7.3%) 12.4% $210,000 31% 2.0
Ocala 376 404 5% (4,700) (4.6%) 13.4% $100,000 20% 0.9
Orlando 3,516 4,780 13% (47,800) (4.5%) 11.4% $140,000 23% 1.7
Panama City 261 353 6% (2,900) (3.9%) 9.5% $159,126 28% 3.2
Pensacola 939 1,011 16% (5,000) (3.0%) 9.7% $133,767 25% 0.6
Port St. Lucie 374 450 4% (4,000) (3.2%) 13.7% $109,000 18% 0.0
Punta Gorda 263 280 6% (900) (2.2%) 12.7% $100,000 18% 0.4
Sarasota 1,204 1,478 10% (16,900) (6.4%) 12.3% $154,000 27% 2.7
Tallahassee 657 761 18% (4,000) (2.3%) 7.5% $145,476 29% 0.0
Tampa 3,807 6,280 17% (58,500) (4.8%) 11.7% $125,900 23% 2.2
West Palm Beach (D) 1,028 1,463 6% (17,800) (3.3%) 11.4% $220,000 34% 4.5
Georgia
Albany 177 211 17% (2,900) (4.5%) 10.5% $85,193 19% 0.0
Athens 359 389 17% (1,000) (1.2%) 7.2% $128,691 26% 0.0
Atlanta 5,199 6,686 9% (138,300) (5.7%) 10.4% $116,806 16% 0.0
Augusta 2,315 2,464 45% (5,600) (2.6%) 9.5% $109,490 20% 0.3
Brunswick 379 379 30% (700) (1.6%) 8.8% $143,574 23% 0.2
Columbus 858 995 44% (2,100) (1.8%) 9.6% $103,982 20% 0.3
Dalton 137 171 16% (5,900) (8.1%) 12.9% $99,270 19% 0.0
Gainesville 212 530 20% (3,800) (4.9%) 9.3% $130,626 23% 0.3
Hinesville 434 686 78% (300) (1.5%) 8.1% $97,819 18% 0.0
Macon 385 445 24% (5,300) (5.2%) 9.9% $94,351 19% 0.2
Rome 73 112 16% (1,000) (2.5%) 10.9% $90,951 18% 0.2
Savannah 1,113 1,234 25% (5,000) (3.1%) 8.3% $136,435 24% 2.2
Valdosta 508 549 38% (2,300) (4.1%) 8.4% $105,365 24% 0.8
Warner Robins 670 794 38% (1,800) (3.0%) 7.4% $94,997 15% 0.1
Hawaii
Honolulu 805 1,113 23% (13,300) (2.9%) 5.9% $541,745 63% 3.5
Idaho
Boise City 1,705 1,888 16% (20,600) (7.6%) 9.7% $148,157 21% 0.0
Coeur D’Alene 748 866 32% (2,400) (4.2%) 9.2% $148,217 25% 1.5
Idaho Falls 306 314 16% (2,300) (4.5%) 6.0% $103,041 16% 0.1
Lewiston 80 81 20% (1,800) (6.0%) 6.4% $129,518 24% 2.1
Pocatello 154 162 23% (2,300) (5.9%) 7.5% $97,066 17% 0.0
Illinois
Bloomington 302 490 29% (900) (1.0%) 7.7% $152,281 24% 0.6
Champaign-Urbana 364 556 26% (1,800) (1.5%) 8.6% $140,157 27% 3.6
Chicago (D) 2,824 4,880 11% (178,600) (4.6%) 10.4% $197,000 29% 2.1
Danville 15 15 8% (800) (2.6%) 12.1% $56,272 12% 0.9
Decatur 30 65 11% (2,500) (4.5%) 12.7% $87,568 18% 3.0
Kankakee-Bradley 166 182 22% (1,400) (3.2%) 13.3% $128,220 21% 4.1
Lake-Kenosha (D) 591 638 10% (12,300) (3.1%) 10.2% $222,024 27% 0.9
Peoria 487 502 26% (6,300) (3.3%) 11.7% $123,051 21% 5.3
Rockford 213 223 9% (4,400) (2.8%) 15.7% $106,439 19% 5.0
Springfield 326 401 26% (2,200) (2.0%) 8.2% $103,882 17% 0.5
Indiana
Anderson 72 74 10% (1,300) (3.1%) 10.2% $80,028 15% 0.4
Bloomington 266 444 36% (2,600) (3.0%) 6.5% $120,352 25% 0.6
Columbus 124 124 20% (1,100) (2.4%) 8.6% $114,260 18% 0.4
Elkhart-Goshen 129 181 11% (7,600) (6.6%) 14.9% $103,819 18% 0.6
Evansville 556 658 30% (5,700) (3.2%) 7.9% $88,180 17% 0.7
Fort Wayne 727 835 23% (8,500) (3.9%) 10.3% $85,042 15% 0.6
Gary (D) 897 970 21% (6,900) (2.4%) 9.2% $97,118 16% 1.2
Indianapolis 3,518 5,357 31% (43,800) (4.7%) 8.1% $101,101 16% 1.0
Kokomo 14 76 10% (3,700) (8.3%) 12.0% $81,180 15% 0.3
Lafayette 394 483 26% (1,800) (1.8%) 8.1% $105,807 21% 0.6
Michigan City 91 97 16% (900) (2.0%) 10.9% $107,126 18% 0.8
Muncie 33 33 6% (1,400) (2.6%) 9.9% $72,628 16% 0.3
South Bend 300 366 18% (6,200) (4.3%) 10.5% $66,478 12% 0.9
Terre Haute 122 128 19% (3,500) (4.7%) 9.7% $72,320 16% 0.3
Iowa
Ames 106 174 18% (1,100) (2.2%) 4.0% $125,178 21% 0.1
Cedar Rapids 651 950 46% (2,300) (1.6%) 5.9% $129,238 22% 3.2
Davenport 361 664 44% (3,600) (1.9%) 9.1% $114,294 21% 5.1
Des Moines 1,740 2,481 39% (5,600) (1.7%) 5.7% $145,050 20% 0.6
Dubuque 278 394 45% (1,700) (3.0%) 5.7% $109,710 19% 0.5
Iowa City 576 745 44% 500 0.5% 4.0% $144,892 24% 0.0
Sioux City 117 135 11% (2,200) (2.9%) 5.4% $84,303 15% 0.3
Waterloo 332 338 40% (2,600) (2.8%) 8.0% $103,471 19% 3.7
Kansas
Lawrence 178 334 18% (3,300) (6.3%) 4.7% $136,644 22% 0.3
Topeka 379 458 33% (2,500) (2.2%) 6.0% $103,528 16% 0.2
Wichita 1,294 1,829 40% (13,400) (4.3%) 7.9% $112,622 17% 0.3
Kentucky
Bowling Green 287 464 34% (3,500) (5.7%) 10.5% $103,994 23% 1.5
Elizabethtown 357 453 34% (1,200) (2.5%) 10.8% $103,816 25% 4.0
Lexington 1,339 1,871 37% (8,200) (3.2%) 8.4% $139,040 29% 5.0
Louisville 2,055 2,370 27% (18,500) (3.0%) 10.3% $121,603 25% 5.1
Owensboro 222 224 21% (1,400) (2.7%) 9.2% $80,361 18% 1.4
Louisiana
Alexandria 331 375 39% (800) (1.2%) 6.5% $88,146 18% 0.2
Baton Rouge 2,679 2,764 31% (7,800) (2.1%) 6.8% $156,267 24% 1.5
Houma 482 568 48% (1,900) (1.9%) 5.1% $109,485 17% 0.4
Lafayette 721 814 16% (1,800) (1.2%) 5.9% $124,654 22% 0.4
Lake Charles 954 1,407 94% (500) (0.5%) 6.5% $103,036 18% 0.5
Monroe 266 271 23% (900) (1.1%) 7.6% $91,209 18% 0.3
New Orleans 2,197 2,827 21% (8,700) (1.6%) 6.8% $159,284 25% 1.3
Shreveport 979 1,192 39% (5,100) (2.8%) 7.1% $143,927 28% 4.4
Maine
Bangor 284 350 35% (900) (1.3%) 6.9% $114,502 21% 0.0
Lewiston-Auburn 157 175 20% (1,500) (3.1%) 8.1% $122,742 23% 0.0
Portland 959 1,077 19% (5,400) (2.8%) 6.5% $208,063 29% 0.9
Maryland
Baltimore 2,917 4,405 23% (29,100) (2.2%) 7.7% $234,000 31% 5.0
Bethesda (D) 1,459 1,695 14% 1,800 0.3% 5.6% $345,500 33% 4.5
Cumberland 139 154 38% (100) (0.2%) 7.8% $117,405 26% 4.8
Hagerstown 654 696 17% (2,100) (2.1%) 9.1% $157,097 23% 0.0
Salisbury 154 215 17% (800) (1.4%) 8.5% $134,831 25% 0.0
Massachusetts
Barnstable Town 305 325 7% (5,300) (5.3%) 8.0% $285,496 37% 0.6
Boston (D) 991 2,388 23% (45,800) (2.6%) 7.4% $302,824 36% 1.7
Cambridge (D) 979 1,495 20% (63,500) (2.5%) 7.9% $330,956 34% 0.4
Pittsfield 94 258 28% (1,300) (3.6%) 8.0% $181,013 29% 0.5
Michigan
Ann Arbor 245 283 10% (5,200) (2.6%) 8.8% $154,651 21% 0.0
Battle Creek 9 9 1% (2,400) (4.1%) 12.0% $80,430 15% 0.3
Bay City 129 129 29% (2,300) (6.0%) 12.1% $78,379 15% 0.1
Detroit (D) 261 358 6% (36,300) (4.8%) 17.7% $80,808 15% 0.0
Flint 73 188 5% (10,900) (7.6%) 15.2% $76,790 15% 0.2
Grand Rapids 709 719 14% (14,600) (3.8%) 11.4% $73,613 12% 0.5
Holland 362 420 15% (8,700) (7.8%) 12.6% $129,024 19% 0.3
Jackson 61 118 12% (3,300) (5.8%) 14.5% $87,230 18% 1.6
Kalamazoo 404 428 17% (6,000) (4.1%) 11.1% $107,854 20% 0.2
Lansing 231 314 10% (8,600) (3.8%) 10.6% $71,372 12% 0.3
Monroe 87 87 7% (3,400) (8.1%) 13.6% $113,833 17% 0.3
Muskegon 75 96 10% (3,100) (4.9%) 15.7% $81,882 16% 0.3
Niles 125 136 17% (3,800) (5.9%) 13.2% $112,936 22% 1.9
Saginaw 107 129 13% (4,600) (5.3%) 12.6% $31,128 7% 0.8
Warren (D) 936 980 5% (99,600) (8.8%) 16.0% $139,438 19% 0.0
Minnesota
Duluth 459 537 31% (5,500) (4.1%) 7.5% $107,029 21% 5.4
Minneapolis 3,398 4,347 15% (63,700) (3.6%) 7.1% $175,979 24% 1.7
Rochester 417 545 27% (1,200) (1.1%) 5.7% $126,721 18% 0.8
St. Cloud 254 449 22% (3,400) (3.3%) 6.6% $124,438 21% 1.2
Mississippi
Gulfport-Biloxi 1,946 3,265 60% (1,500) (1.4%) 7.9% $130,051 26% 3.4
Hattiesburg 173 258 23% (2,000) (3.3%) 8.1% $92,070 20% 0.3
Jackson 1,209 1,231 27% (2,500) (1.0%) 7.7% $125,300 23% 1.5
Pascagoula 715 716 43% (1,700) (2.9%) 8.9% $102,566 18% 0.0
Missouri
Columbia 487 605 26% (1,200) (1.3%) 5.9% $144,713 29% 1.9
Jefferson City 248 288 25% (2,400) (3.0%) 7.1% $103,003 19% 0.8
Joplin 135 192 26% (500) (0.6%) 7.7% $81,020 19% 0.9
Kansas City 1,723 2,898 16% (24,900) (2.4%) 8.4% $134,385 20% 1.1
Springfield 717 1,168 23% (1,700) (0.9%) 8.0% $120,901 25% 2.6
St. Joseph 126 152 36% 800 1.3% 8.1% $85,463 17% 0.8
St. Louis 3,897 4,731 26% (44,000) (3.2%) 9.8% $172,975 29% 5.4
Montana
Billings 479 560 38% (2,700) (3.3%) 4.5% $119,771 19% 0.1
Great Falls 144 184 58% (1,900) (5.3%) 5.0% $101,457 18% 0.1
Missoula 209 227 20% (1,800) (3.2%) 5.5% $167,774 30% 0.8
Nebraska
Lincoln 616 697 26% (4,100) (2.4%) 4.2% $133,235 20% 0.4
Omaha 2,955 3,399 51% (9,900) (2.1%) 4.8% $130,345 19% 0.2
Nevada
Carson City 19 19 3% (1,600) (5.1%) 11.7% $155,282 24% 0.0
Las Vegas 3,520 5,789 15% (60,600) (6.7%) 13.0% $135,000 19% 0.0
Reno 519 797 13% (15,400) (7.2%) 12.2% $179,000 26% 0.1
New Hampshire
Manchester 287 473 7% (1,400) (1.4%) 6.7% $210,806 20% 0.0
New Jersey
Atlantic City 462 492 12% (6,100) (4.1%) 12.7% $208,509 34% 4.6
Camden (D) 1,264 1,902 23% (20,600) (3.8%) 9.7% $192,949 26% 3.2
Edison (D) 2,373 3,085 13% (24,600) (2.4%) 8.6% $316,422 37% 5.3
Newark-Union (D) 1,332 2,763 30% (13,700) (1.3%) 9.0% $362,162 45% 4.5
Ocean City 274 347 14% 2,700 6.8% 10.6% $218,532 39% 4.1
Trenton 226 253 7% (6,400) (2.7%) 7.7% $247,824 33% 4.0
Vineland 232 243 33% (300) (0.5%) 12.8% $133,906 25% 2.6
New Mexico
Albuquerque 1,470 1,686 19% (14,800) (3.7%) 7.8% $196,378 31% 1.8
Farmington 200 212 36% (2,800) (5.2%) 8.7% $184,177 33% 4.1
Las Cruces 838 1,143 46% (1,800) (2.6%) 7.2% $104,767 21% 0.0
Santa Fe 97 97 8% (3,000) (4.6%) 6.5% $217,472 30% 0.0
New York
Albany 1,053 1,311 25% (12,100) (2.7%) 7.0% $188,060 29% 3.4
Binghamton 172 172 13% (3,000) (2.6%) 8.3% $112,259 22% 3.3
Buffalo 931 1,140 25% (16,900) (3.0%) 8.3% $105,961 20% 1.9
Elmira 42 45 15% (1,600) (3.8%) 8.7% $81,741 17% 2.4
Glens Falls 268 309 19% (2,100) (3.8%) 7.5% $151,172 30% 3.4
Ithaca 100 120 18% (700) (1.1%) 5.5% $146,403 28% 2.3
Kingston 178 206 15% (800) (1.3%) 7.7% $199,769 32% 2.4
Nassau (D) 1,178 1,411 12% (39,300) (3.1%) 7.2% $357,080 35% 4.4
New York (D) 1,430 9,406 21% (140,600) (2.6%) 9.8% $404,484 62% 3.7
Poughkeepsie 685 1,301 25% (5,600) (2.2%) 7.9% $217,177 28% 1.2
Rochester 1,188 3,802 74% (9,500) (1.8%) 7.8% $113,853 20% 2.4
Syracuse 689 859 25% (6,600) (2.0%) 8.0% $123,056 23% 3.6
Utica-Rome 149 177 13% (1,900) (1.4%) 7.3% $104,543 23% 2.9
North Carolina
Asheville 1,170 1,505 35% (8,200) (4.6%) 8.6% $165,295 32% 3.0
Burlington 457 581 29% (2,500) (4.1%) 11.8% $107,360 20% 0.1
Charlotte 4,184 7,432 30% (48,800) (5.7%) 12.0% $150,000 24% 2.7
Durham 1,323 2,352 36% (10,400) (3.5%) 7.6% $199,430 34% 4.6
Fayetteville 1,586 2,464 57% (2,800) (2.1%) 9.0% $102,367 19% 0.1
Goldsboro 187 253 37% (1,300) (2.9%) 8.8% $96,335 19% 0.3
Greensboro 1,334 2,046 32% (20,900) (5.7%) 11.3% $135,377 25% 1.0
Greenville 363 541 21% (2,500) (3.2%) 10.0% $102,963 21% 0.3
Hickory 640 644 27% (10,500) (6.7%) 14.5% $103,755 21% 0.8
Jacksonville 1,402 1,832 90% (3,000) (6.2%) 8.0% $124,737 24% 0.3
Raleigh-Cary 4,055 4,753 27% (12,700) (2.4%) 8.6% $186,110 26% 2.0
Rocky Mount 261 265 26% (2,400) (3.7%) 13.7% $88,427 19% 0.5
Wilmington 1,427 1,798 20% (4,200) (2.9%) 9.8% $209,290 39% 5.0
Winston-Salem 763 1,130 26% (4,800) (2.2%) 9.8% $116,197 20% 0.3
North Dakota
Bismarck 421 505 46% (300) (0.5%) 2.8% $143,131 19% 0.7
Fargo 793 1,582 56% (1,600) (1.3%) 3.5% $135,507 20% 0.0
Grand Forks 187 300 45% (500) (0.9%) 3.5% $117,365 19% 0.0
Ohio
Akron 651 738 18% (14,300) (4.2%) 9.7% $116,500 19% 2.5
Canton 309 387 25% (7,300) (4.2%) 11.4% $74,935 13% 1.0
Cincinnati 2,947 3,302 21% (41,200) (4.0%) 9.6% $135,000 18% 1.7
Cleveland 1,706 2,035 25% (55,500) (5.2%) 8.6% $81,594 13% 0.7
Columbus 2,564 3,601 21% (17,200) (1.8%) 8.4% $145,000 20% 2.4
Dayton 778 802 19% (14,500) (3.7%) 11.0% $88,383 15% 1.0
Lima 91 95 19% (2,300) (4.2%) 10.6% $87,213 15% 0.3
Mansfield 47 48 8% (2,400) (4.2%) 12.1% $84,328 17% 0.6
Sandusky 55 55 10% 400 1.0% 10.9% $111,123 17% 0.4
Springfield 60 88 13% (1,400) (2.7%) 10.2% $89,876 15% 0.3
Toledo 442 549 13% (15,000) (4.7%) 11.4% $70,785 12% 0.6
Youngstown 211 280 15% (15,200) (6.4%) 12.5% $57,177 11% 1.1
Oklahoma
Lawton 307 581 53% (800) (1.8%) 5.8% $85,999 14% 0.2
Oklahoma City 3,040 3,220 15% (15,600) (2.7%) 6.5% $128,049 20% 0.5
Tulsa 2,532 3,292 27% (9,200) (2.1%) 7.5% $133,006 20% 0.5
Oregon
Bend 359 389 9% (1,800) (2.7%) 13.6% $160,529 23% 0.0
Corvallis 85 87 11% (2,000) (5.1%) 7.5% $189,214 28% 0.6
Eugene 420 524 19% (5,200) (3.4%) 11.2% $196,090 35% 4.8
Medford 302 312 15% (4,600) (5.5%) 11.4% $156,957 29% 0.5
Portland 2,873 3,855 20% (53,600) (5.2%) 10.7% $237,000 34% 5.4
Salem 456 580 17% (7,700) (5.0%) 10.4% $178,500 29% 5.2
Pennsylvania
Allentown 1,244 1,521 28% (12,900) (3.7%) 9.3% $213,646 31% 4.4
Altoona 87 109 22% (2,000) (3.2%) 7.3% $94,432 18% 0.5
Erie 259 329 32% (5,400) (4.0%) 9.4% $89,583 18% 0.6
Harrisburg 1,020 1,088 29% (10,500) (3.2%) 7.6% $142,369 21% 1.5
Johnstown 74 223 60% (2,200) (3.5%) 8.8% $82,564 20% 3.0
Lancaster 848 1,093 30% (9,300) (3.9%) 7.6% $160,988 25% 2.4
Lebanon 330 330 39% (1,300) (2.6%) 7.0% $136,148 22% 2.1
Philadelphia (D) 2,797 3,466 20% (57,100) (2.9%) 8.4% $206,401 28% 3.1
Pittsburgh 2,685 2,974 42% (33,100) (2.9%) 7.7% $114,704 19% 0.6
Reading 391 428 20% (5,800) (3.3%) 9.2% $149,739 24% 4.3
Scranton 473 520 24% (8,400) (3.2%) 9.0% $119,553 22% 1.1
State College 292 342 31% (100) (0.1%) 5.5% $153,493 30% 2.6
Williamsport 84 156 29% (2,100) (3.9%) 9.2% $110,275 22% 1.5
York 734 790 25% (7,700) (4.2%) 8.5% $151,120 23% 2.2
Rhode Island
Providence 1,145 1,382 12% (25,500) (4.5%) 12.1% $206,427 31% 0.1
South Carolina
Anderson 244 244 13% (1,400) (2.2%) 12.9% $97,696 17% 0.0
Charleston 2,638 2,876 27% (7,900) (2.6%) 10.0% $182,750 27% 0.4
Columbia 2,494 3,437 42% (3,000) (0.8%) 9.6% $126,000 20% 0.8
Florence 335 419 32% (700) (0.8%) 12.4% $102,172 19% 0.6
Greenville 1,394 1,439 26% (10,600) (3.3%) 10.8% $134,800 23% 3.2
Myrtle Beach 1,365 1,591 14% (4,600) (3.8%) 12.2% $164,515 28% 0.2
Spartanburg 577 605 22% (4,300) (3.3%) 12.5% $110,450 19% 0.4
Sumter 361 396 43% (1,300) (3.6%) 13.9% $94,108 19% 0.0
South Dakota
Rapid City 400 434 32% (1,600) (2.6%) 4.6% $119,711 20% 0.7
Sioux Falls 880 1,452 58% (2,500) (1.8%) 4.7% $123,922 17% 2.8
Tennessee
Chattanooga 1,040 1,164 30% (7,200) (2.9%) 8.9% $122,762 24% 0.9
Clarksville 1,187 1,396 43% (2,400) (2.9%) 10.4% $97,212 19% 0.5
Cleveland 202 287 30% (1,100) (2.7%) 9.5% $105,321 23% 0.5
Jackson 243 291 26% (2,300) (3.7%) 10.7% $86,248 20% 0.5
Johnson City 403 514 36% (1,700) (2.1%) 9.0% $108,146 26% 0.7
Kingsport 450 461 30% (4,800) (3.9%) 9.1% $104,259 24% 0.8
Knoxville 1,302 1,734 27% (11,700) (3.5%) 8.4% $140,336 27% 0.9
Memphis 1,486 1,989 18% (12,600) (2.0%) 9.9% $105,362 20% 1.2
Morristown 207 233 31% (1,700) (3.4%) 12.1% $102,028 23% 0.3
Nashville 3,828 5,209 28% (29,100) (3.8%) 9.1% $143,000 23% 2.4
Texas
Abilene 192 192 9% (1,700) (2.5%) 6.1% $97,700 19% 2.6
Amarillo 568 594 16% (2,500) (2.2%) 5.5% $123,700 22% 3.1
Austin 6,516 8,358 32% (3,200) (0.4%) 7.2% $179,800 25% 2.4
Beaumont 2,310 2,852 100% (6,300) (3.9%) 10.8% $130,900 24% 4.6
Brownsville 920 1,017 26% (2,400) (1.9%) 10.5% $94,400 25% 4.2
College Station 789 969 27% (3,600) (3.7%) 6.0% $148,800 29% 2.7
Corpus Christi 957 1,052 17% (5,600) (3.1%) 7.7% $144,100 30% 5.4
Dallas (D) 9,130 13,834 19% (52,800) (2.5%) 8.3% $153,000 21% 1.7
El Paso 2,628 3,365 52% (3,300) (1.2%) 9.5% $131,000 31% 4.9
Fort Worth (D) 5,298 6,879 18% (6,300) (0.7%) 8.3% $112,300 16% 1.7
Houston 21,187 27,187 36% (78,200) (3.0%) 8.5% $148,000 22% 2.4
Killeen 1,994 2,103 46% (2,000) (1.6%) 7.1% $117,019 21% 2.2
Laredo 633 721 30% (400) (0.4%) 8.8% $87,611 21% 0.2
Longview 167 195 12% (2,800) (2.8%) 8.0% $121,500 23% 3.5
Lubbock 743 976 23% (3,000) (2.3%) 5.4% $114,900 23% 1.6
McAllen 2,789 3,056 33% 4,400 2.0% 11.2% $101,500 25% 1.2
Midland 324 324 8% (2,100) (2.9%) 5.8% $121,658 21% 2.5
Odessa 199 199 9% (1,800) (2.8%) 9.0% $138,000 26% 4.6
San Angelo 177 512 33% (900) (2.0%) 6.7% $118,600 25% 5.3
San Antonio 5,200 6,443 29% (5,700) (0.7%) 7.0% $138,600 24% 2.6
Sherman 82 100 9% (1,000) (2.3%) 8.6% $95,700 17% 3.2
Texarkana 289 371 44% (1,200) (2.1%) 7.0% $78,309 15% 0.1
Tyler 189 258 9% (2,200) (2.3%) 8.0% $136,500 24% 3.1
Victoria 114 114 6% (2,400) (4.6%) 7.8% $140,000 23% 4.8
Waco 411 613 21% (1,800) (1.7%) 6.9% $118,000 24% 2.7
Wichita Falls 180 210 23% (1,700) (2.8%) 7.8% $100,000 20% 2.9
Utah
Logan 348 448 32% (2,100) (3.9%) 4.4% $122,808 25% 0.7
Ogden-Clearfield 1,396 1,497 29% (9,100) (4.5%) 6.4% $134,616 22% 1.0
Provo-Orem 1,183 1,431 22% (8,300) (4.3%) 5.8% $145,883 26% 0.6
Salt Lake City 1,556 4,857 39% (28,700) (4.5%) 6.3% $206,484 35% 5.6
St. George 542 544 14% (2,700) (5.3%) 8.3% $136,040 27% 0.0
Virginia
Charlottesville 651 685 26% (2,800) (2.7%) 5.3% $204,578 29% 0.0
Danville 101 131 25% (600) (1.5%) 11.2% $83,629 20% 0.2
Harrisonburg 421 559 43% (300) (0.5%) 5.5% $163,448 29% 1.4
Lynchburg 579 595 32% 200 0.2% 6.6% $132,651 25% 0.0
Richmond 2,641 3,430 30% (15,000) (2.4%) 7.4% $195,000 29% 3.1
Roanoke 451 453 24% (2,800) (1.7%) 7.0% $139,187 24% 0.2
Virginia Beach 2,726 4,578 19% (4,300) (0.6%) 6.5% $197,161 30% 3.3
Winchester 330 342 19% (2,100) (3.8%) 7.1% $144,298 23% 0.0
Washington
Bellingham 371 421 17% (4,900) (5.7%) 7.5% $206,353 35% 3.1
Bremerton 491 497 19% (4,700) (5.5%) 7.1% $255,000 34% 5.4
Kennewick 1,002 1,033 32% 3,400 3.5% 5.9% $168,143 26% 4.5
Longview 172 174 25% (2,100) (5.6%) 12.4% $135,164 23% 0.4
Mount Vernon 241 262 23% (1,700) (3.6%) 9.2% $183,245 28% 0.1
Olympia 1,061 1,333 42% (2,800) (2.7%) 7.0% $232,000 31% 5.6
Seattle (D) 3,594 5,762 21% (43,000) (2.9%) 9.1% $347,750 42% 5.7
Spokane 809 1,145 26% (4,400) (2.0%) 8.0% $159,950 28% 4.8
Tacoma (D) 1,196 2,029 30% (6,000) (2.1%) 8.8% $220,000 29% 3.2
Wenatchee 292 304 28% (2,400) (5.8%) 6.4% $182,516 28% 0.0
Yakima 351 494 40% (1,600) (2.0%) 6.8% $151,088 28% 4.0
West Virginia
Charleston 253 286 34% (3,400) (2.2%) 7.0% $124,757 23% 0.7
Huntington 95 107 17% (4,000) (3.3%) 7.8% $84,760 19% 0.5
Morgantown 31 53 17% (100) (0.2%) 5.1% $118,731 23% 0.3
Parkersburg 115 125 29% (700) (1.0%) 8.7% $85,434 16% 0.3
Weirton 63 63 34% (2,500) (5.1%) 12.6% $72,374 16% 0.4
Wheeling 1 1 0% (600) (0.9%) 8.7% $75,212 15% 0.3
Wisconsin
Appleton 409 441 20% (3,300) (2.8%) 7.3% $110,612 17% 1.1
Eau Claire 298 382 27% (2,600) (3.1%) 6.0% $109,146 20% 1.5
Fond Du Lac 84 83 13% (2,400) (4.9%) 8.1% $113,940 19% 0.8
Green Bay 514 594 19% (3,900) (2.3%) 7.1% $139,557 23% 2.9
Janesville 188 247 19% (2,800) (4.1%) 10.9% $110,288 19% 2.2
La Crosse 252 355 42% (2,500) (3.3%) 5.9% $115,181 21% 1.3
Madison 735 1,179 19% (6,000) (1.7%) 5.5% $214,698 31% 5.0
Milwaukee 862 1,406 16% (50,700) (5.9%) 8.2% $193,395 32% 5.2
Oshkosh-Neenah 234 298 20% (1,400) (1.5%) 6.9% $110,390 18% 0.8
Racine 174 329 26% (3,900) (4.8%) 9.0% $137,259 22% 3.6
Sheboygan 87 175 24% (2,400) (3.8%) 8.1% $123,907 22% 4.1
Wausau 209 307 22% (2,500) (3.5%) 8.0% $114,079 18% 1.1
Wyoming
Casper 200 251 32% (2,100) (5.0%) 7.5% $116,605 20% 0.9
Cheyenne 148 379 43% (1,300) (2.9%) 7.2% $115,485 17% 0.0
* The government defines metro areas and includes metro divisions within some areas. In these instances, we report at the more detailed division level, because that is what most of our clients use for decision making. For example, we report on the Los Angeles and Orange County divisions separately, rather than the Los Angeles MSA, which includes both Los Angeles and Orange counties. We also use the more colloquial names used by business people, so we refer to the “Santa Ana-Anaheim-Irvine” division as “Orange County.” For the government definitions, visit: http://www.census.gov/population/www/metroareas/lists/2007/List1.txt

 


Jody Kahn If you have any questions, please contact Jody Kahn at (603) 235-5760 or by email.

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