Western Blue Chip Current Update
April 23, 2024
The states included in the Western Blue Chip Economic Forecast are Arizona, California, Colorado, Idaho, Montana, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming.
TEXAS TOPS ALL STATES FOR NUMBER OF NEW JOBS IN FIRST QUARTER 2024
The U. S. economy added 2.8 million jobs year-to-date through March of 2024, compared to the same period in 2023, according to data released by the U. S. Bureau of Labor Statistics (see Job Growth USA). One in every four of the new jobs came from the top three states, with a combined employment increase of 710,000. Two of these top three (Texas and California) were Western states (see table). Arizona was the only other Western state among the top 10 sources of new jobs. However, three (Colorado, Washington, Nevada) of the next five top growth states were from the West. Utah and Idaho were among the top 25, while New Mexico, Montana, and Wyoming were among the bottom tier for Q1 employment growth. Oregon ranked in last place, the only state in the nation to lose jobs during the period.
Top 10 States – Q1 2024 Employment Growth
(YTD Employment Change March 2024 vs. 2023)
| Rank | State | New Jobs | Percent Change |
| United States | 2,817,000 | 1.8% | |
| 1 | Texas | 282,370 | 2.1% |
| 2 | Florida | 225,960 | 2.3% |
| 3 | California | 201,730 | 1.1% |
| 4 | New York | 133,830 | 1.4% |
| 5 | Arizona | 71,870 | 2.3% |
| 6 | North Carolina | 70,330 | 1.4% |
| 7 | New Jersey | 67,200 | 1.6% |
| 8 | South Carolina | 64,530 | 2.8% |
| 9 | Pennsylvania | 63,870 | 1.1% |
| 10 | Virginia | 62,200 | 1.5% |
| Remaining Western States | |||
| 11 | Colorado | 61,960 | 2.1% |
| 13 | Washington | 55,000 | 1.6% |
| 14 | Nevada | 54,430 | 3.6% |
| 19 | Utah | 33,530 | 2.0% |
| 23 | Idaho | 25,940 | 3.1% |
| 31 | New Mexico | 16,200 | 1.9% |
| 36 | Montana | 9,860 | 1.9% |
| 46 | Wyoming | 3,100 | 1.1% |
| 50 | Oregon | -11.130 | -0.6% |
Source: Job Growth USA, Arizona State University
SPOTLIGHT ON TEXAS
“People and businesses continue to migrate to Texas in near-record numbers. Consequently, inflation in large Texas metropolitan areas is running higher than the national average. On a positive note, however, housing price increases have slowed and in some markets median home prices are actually declining.”
Bud Weinstein, Emeritus Professor of Applied Economics, University of North Texas
“Although the pace has slowed since the rapid comeback from the pandemic (as expected), Texas has continued to exhibit solid growth in both goods producing and service-oriented sectors. Significant locations and investments are providing momentum, although the state is experiencing headwinds in major real estate markets. Solid, but more moderate expansion is anticipated going forward.”
Ray Perryman, President and CEO, The Perryman Group