Milken Institute Ranks the Best Cities for Jobs

Posted by: Chris Palmeri on November 13, 2009


The Milken Institute came out with its annual list of cities that are best able to create jobs. The top ten were culled from a list of the nation’s 200 largest cities. All have managed to avoid the worst of the economic meltdown driven by falling housing markets and job losses in manufacturing and global trade.

The 2009 top 10 performers


1. Austin-Round Rock, TX
2. Killeen-Temple-Fort Hood, TX
3. Salt Lake City, UT
4. McAllen-Edinburg-Mission, TX
5. Houston-Sugar Land-Baytown, TX
6. Durham, NC
7. Olympia, WA
8. Huntsville, AL
9. Lafayette, LA
10. Raleigh-Cary, NC


Texas cities dominate the list. The free-marketers at the Milken Institute already love the Lone Star State with its lack of zoning laws and no state income tax. Communities such as Houston, Austin, Killen and not too far Lafayette, Louisiana never saw a big run up in home prices and they have the still strong energy sector supporting their economies.

The Milken folks noted that the biggest decliners on list included multiple cities in Florida and California where housing related jobs continue to disappear. Michigan cities are also among the nation’s weakest performers, with heavy losses in durable goods and automotive manufacturing.

Reader Comments

Realtors

November 16, 2009 12:25 AM

Been looking for this list and I think it would be a great idea to invest in these cities.

Realtors

November 16, 2009 12:25 AM

Been looking for this list and I think it would be a great idea to invest in these cities.
-John@Realtors

Patrick

December 17, 2009 4:57 PM

The Texas market is real hot. I just had a friend send in a letter of intent on a 130 unit apartment building in Dallas, Texas. If the deal goes through he will be looking at a 9.5% cap rate and a cash on cash return on the asking price will be about 14%. From everything I have been hearing I would agree that the Texas real estate market is preforming. Get more Real Estate Investing ideas. Real Estate Investing

Jess

February 10, 2010 11:30 PM

I lived in Texas less than a year ago. The Texas real estate is actually doing very well; not as well as it has before but it's still doing better than other cities. Investing in Texas would be great idea for the future. Both Austin and Houston are amazing cities.

Jess

February 10, 2010 11:35 PM

I lived in Texas less than a year ago. The Texas real estate is doing well, not as well as it's been before but better than other cities. It would be a good idea to invest in these cities for the future. Both Austin and Houston are amazing cities.

Steve Alter

February 21, 2010 11:01 PM

There has always been a problem with property investing in Texas and that revolves around the fact that it's just so dam easy to build another brand new property to compete with the one that you bought. There are very few barriers to entry and that makes it difficult if not impossible to ever raise your rents. If you're buying a deal in Texas then go the extra mile to make sure that you've got a strong going in yield. If you've got a real 9.5 cap rate and can borrow long term at under 7% interest then you'll have a terrific cash and cash return so long as you buy the deal at a significant discount to replacement costs. One of the best places to either source or sell the larger cap properties or loans is Realcapitalmarkets.com at www.rcm1.com .

MakeitRichinNY

February 22, 2010 7:06 AM

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Nicaragua Real Estate

March 18, 2010 7:37 AM

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About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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