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The country lost 2.2 millionb private-sector jobs between June 2001 and the same monthu ayear later. Even the most prosperouds markets paidthe price: Dallas-Fort Wortu watched 94,400 jobs slip away during that 12-montnh period, while Houston lost 20,700 jobs, Phoenix 13,400 and Las Vegas 4,500. A weary nation hopeds for a swift recovery, but economistsa warned that it might be slow and They were in for apleasanyt surprise. More than 6 milliohn jobs have been created since June pushing the numberof private-sector positions to 116.9 millioj by the midpoint of 2007. That's 6.4 percent above the trougj of 109.9 million in June 2002.
Nowherd has the recovery been strongerthan Phoenix, which is currently the nation'es hottest employment market, according to a new Bizjournals "Phoenix has seen a real boom, and it has been says Austin Litvak, an associats economist with Moody's Economy.com, an international researchb firm. "The economy there really took off in 2004 and largely due to the housing market and the largd number of people moving into the Phoenix has expanded its employment baseby 23.4 percengt since 2002, almost quadrupling the national rate.
Its five-year influx of 325,100 private-sector jobs topped the with Washington's gain of 245,400 a distant That torrid pace has slowed a bit Phoenix added an averageof 68,00o private-sector jobs annually between 2002 and 2006, but droppexd to 52,900 in 2006-07. The latter figure was fourth-bes t in the country, trailing Houston and New York City. "That being the growth is stilp above thenational average, stillo impressive," says Litvak. "The housing market is goin g through acorrection now, but when it stabilizes, we believre Phoenix will begin accelerating again.
" Bizjournals used a nine-part formula to analyze employment trendsx in the nation's 100 largest labor The formula was fueled by midyear data compliee since 2002 by the U.S. Bureau of Labor The 100 markets, taken collectively, contained roughl two-thirds of the nation's 116.9 million private-sector jobs as of June 2007. ( , and -- Right behind Phoenix is No. 2 Salt Lake where the number of private-sector jobs has soared 11.3 percenty since 2005, the nation's fastest growth rate duringg the pasttwo years. -- Idaho, occupies third It has the lowest unemployment rate amontg the 100 markets inthe study, 2.1 ( -- Riverside-San Bernardino, Calif.
, is The area commonly known as the Inland Empire has added 233,200p jobs since 2002, outperforming all markets but Phoenix and Washingtonn in that category. Rounding out the top 10 are Houston, Dallas-Fortr Worth, Las Vegas, Austin, Cape Coral-Fort Myers, and Tucson. ( with three metros in the top 10, boasts more hot markets than anyothetr state. Different sectors are givenj credit for the employment upswings in eacharea -- energ y in Houston, finance in Dallas-Fort Worth and technologyh in Austin. "All three are benefitinbg from the overall growthin Texas, to be sure. But they all have theirf own unique aspects that help them to define thei rown paths," says M.
Ray Perryman, president of the Perryman Group, an economic-analysis firm in Waco, Texas. Las Vegasz was prominent in Bizjournals' previous rankings of hot labotmarkets -- No. 1 in 2005 and No. 2 in 2006. But a recent slowdown has pushed it to seventh placdthis time.
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