Connect with us

Business

10 major metros recording the biggest job growth so far this year

Published

on

Texas Real Estate Source used data from the Bureau of Labor Statistics to find metropolitan areas recording the biggest job growth.  
Share this:

Nearly 30 million Americans moved between 2019 and 2020, according to the latest data from the U.S. Census Bureau. Of those who packed up, 11% moved because of a new job or job transfer, the second most common reason for moving after wanting a newer, better, or larger home.

Once the COVID-19 pandemic hit, urban-dwelling Americans left major cities in huge numbers, and rural and suburban areas gained an influx of residents. As businesses transition to recovering from—and living with—the pandemic, many cities are seeing residents return, and newcomers arrive.

Texas Real Estate Source examined data from the Bureau of Labor Statistics to find which large metropolitan areas have recorded the biggest job growth in the last year. Metros include the main city as well as its surrounding towns and suburbs. This analysis focused on the 51 metros with a population of 1 million or more. Rankings were determined by percent change from August 2021 to August 2022, the latest data available.

Most of the cities listed are in the Southeast and Southwest Sunbelt region, which experienced large population growth during the pandemic.

Charlotte, North Carolina, street view

Canva

#10. Charlotte, North Carolina

– Employed in August 2021: 1.25M
– Employed in August 2022: 1.31M
– Year-over-year change: 5.2%

From August 2021 to August 2022, 64,800 people moved to North Carolina. New Yorkers, in particular, made up a large portion of the influx. Newcomers to the city can find work in the prominent finance and health care industries, with a reasonably average unemployment rate of 7.8%. Bank of America, Atrium Health, and Novant Health are some of the largest employers in the area. The average salary in Charlotte is $55,330.

A busy New York City street

Canva

#9. New York, New York

– Employed in August 2021: 9.31M
– Employed in August 2022: 9.81M
– Year-over-year change: 5.3%

There have been 20,300 newcomers to New York over the past year. New York City has the largest finance and publishing industries in the country. It houses the head offices and major North American branches of companies like Morgan Stanley, Pfizer, Citigroup, and Verizon. The average salary is well above the national rate, at $71,187.866. However, residents must also grapple with an unemployment rate well above the national average, at 11.7%. There’s also a large income inequality between those in high-earning and lower-earning industries. Additionally, housing costs are almost twice the national rate in New York.

An aerial view of downtown buildings in Austin, Texas

Canva

#8. Austin, Texas

– Employed in August 2021: 1.18M
– Employed in August 2022: 1.24M
– Year-over-year change: 5.3%

The 62,900 newcomers to Austin included international migrants, former Californians, and New Yorkers. Apple, IBM, and a proliferation of hospitals and universities in and around Austin all employ over 6,000 people, with tech companies such as Dell and Samsung also having a large presence. Austin’s average salary of $57,830 sits almost around the national average, and unemployment is slightly lower than the national rate, at 6.8%. Those looking to buy homes in the area have seen prices stabilizing after months of increases. There is currently a large inventory of available homes, with the average price at $496,039.

The downtown Atlanta, Georgia, skyline with heavy traffic on the highway

Canva

#7. Atlanta, Georgia

– Employed in August 2021: 2.84M
– Employed in August 2022: 2.99M
– Year-over-year change: 5.3%

Those who fled Atlanta during the onset of the pandemic are now slowly returning; the city has seen a population increase of 150,400 in the past year alone. Atlanta is considering ways public transportation, housing inequity, and other infrastructure can be improved and expanded to accommodate these newcomers. Atlanta’s entertainment, health care, and university fields provide many job opportunities, and companies including Coca-Cola, Delta Air Lines, and UPS are all headquartered in the city. With the housing market in a recession after a period of high demand, prices and mortgage rates are decreasing locally.

Crowded streets in front of the Disney castle

Canva

#6. Orlando, Florida

– Employed in August 2021: 1.30M
– Employed in August 2022: 1.37M
– Year-over-year change: 5.4%

Many of Orlando’s 70,800 new residents will find work in the tourism and travel industries. Walt Disney World, Universal Orlando Resort, JetBlue Airways, and the Orlando International Airport are some of the biggest companies. The average salary in Orlando is $48,530. Unemployment is slightly higher than usual here at 10.7%. Those looking to buy a home may soon find themselves in a good position, though, as median prices recently fell to $381,000—the first decrease in six months. However, for the time being, demand is still higher than supply for the housing market, working against buyers’ favor.

An aerial view of Riverside, California, downtown covered in palm trees and terra cotta rooftops with a mountainous backdrop

Canva

#5. Riverside, California

– Employed in August 2021: 1.57M
– Employed in August 2022: 1.66M
– Year-over-year change: 5.7%

Riverside is where the California citrus industry began in the late 19th century, and today, public industry work is plentiful, with job positions at universities, hospitals, and police departments. Bourns Inc., an electronic manufacturing company, is another preeminent employer in the area. In 2021, 89,300 new residents settled in Riverside. After stabilizing to pre-pandemic employment rates, the area is seeing even more jobs than before, with an increase of 22,500 positions. Although demand for apartments and homes is surging, Riverside remains much more affordable than other California cities, with a median home price of $517,000 (compared to $860,000 in Los Angeles, for instance).

The view of downtown, Portland, Oregon, from homes in the green hills

Canva

#4. Portland, Oregon

– Employed in August 2021: 1.18M
– Employed in August 2022: 1.25M
– Year-over-year change: 5.7%

Portland’s unemployment rate of 8.5% is below the national average, and its median salary of $61,860 is above the national average. Major employers include those in the tech, medical, and athletic industries, such as Intel, Oregon Health & Science University, and Nike. Mortgage interest rates are pretty low in the area, ranking #4 in the U.S. However, because of this, Portlandians may be more reluctant to move and give up their homes, meaning there tends to be more demand than supply in the housing market.

Tall beachfront condos and hotels along the turquoise water in Miami, Florida.

Canva

#3. Miami, Florida

– Employed in August 2021: 2.67M
– Employed in August 2022: 2.82M
– Year-over-year change: 5.7%

Florida’s population tends to be older than that of the rest of the U.S., and cities like Miami were hit hard during the pandemic. Death rates continue to top birth rates in the area, but despite this, population rates increased overall, thanks to a combination of retirees and remote workers relocating to the city. In the past year, 151,000 newcomers moved to Miami. Like Orlando, the largest industry is tourism and travel, with the Miami International Airport being a major employer. Housing rates recently decreased for the first time in months after hitting historic peaks, with a current median price of around $551,250.

An aerial view of downtown Houston, Texas, and the surrounding areas

Canva

#2. Houston, Texas

– Employed in August 2021: 3.08M
– Employed in August 2022: 3.27M
– Year-over-year change: 6.2%

The Southern U.S. is the fastest-growing area, with cities like Houston attracting outsiders due to lucrative employment opportunities and affordable housing. An impressive 191,900 new residents came to Houston over the past year. A concentration of Fortune 500 companies, manufacturing companies, medical institutions, and aerospace leaders—most notably NASA’s Johnson Space Center—all employ a large portion of Houston residents. Those looking to buy property may have to wait a while. Sales have declined for months, with median prices around $43,950 higher than usual for the area.

Buildings and cars on a sunny day in Dallas, Texas

Canva

#1. Dallas, Texas

– Employed in August 2021: 3.87M
– Employed in August 2022: 4.13M
– Year-over-year change: 6.7%

It isn’t just Houston and Austin attracting new residents; Dallas’ population grew by 260,700 over the past year. Tech, finance, and defense manufacturing industries all employ many city residents. American Airlines, AT&T, and Lockheed Martin are some of the biggest employers. The average salary in Dallas is $56,190, and unemployment is 7.9%—both aligning closely with nationwide averages. Interest rates on homes have been increasing as of late, meaning that demand in the housing market is low.

This story originally appeared on Texas Real Estate Source and was produced and
distributed in partnership with Stacker Studio.

Share this:
Continue Reading

Business

How has US wealth evolved since the 1980s?

Published

on

By

How do people allocate their wealth? The Wealth Enhancement Group analyzed data published by the Federal Reserve to answer this question.
Share this:

America’s economy has exploded since 1989.

Gross domestic product, which measures all of the goods and services produced in a year, grew from $9.9 trillion to $22.5 trillion from 1989 to 2023 (after accounting for inflation), according to the Bureau of Economic Analysis. This figure represents a massive increase in economic output.

This increased productivity has fed into a similarly significant increase in wealth. The Wealth Enhancement Group used data from the Federal Reserve to look at how the assets held by U.S. households has evolved over time.

Data shows that American households owned a combined $161 trillion in assets in the third quarter of 2023, up from $24 trillion in 1989. That makes for a roughly 570% increase, or 170% after adjusting for inflation.

After accounting for debt, such as mortgages, America’s total household net worth grew to $142 trillion, up from $20 trillion. Although the number is down by about 1% from its peak in the second quarter of 2022, it still reflects a dramatic increase over time.

The most valuable asset class the typical American family holds is real estate. Besides a significant drop during the 2000s subprime mortgage crisis and a brief dip following interest rate hikes in 2022, housing has been a reliable generator of wealth for the middle class.


Line chart showing the rise of household assets in the US between 1989 and 2023, which rose from $24 trillion to $161 trillion.

Wealth Enhancement Group

Household assets have skyrocketed since 1989

For Americans in the bottom half of the wealth distribution, housing made up 51% of their assets. Wealthier households, in contrast, tend to have higher shares of their savings in equities.

Households in the top 0.1% held 60% of their assets in shares of public and private companies in 2023. Meanwhile, households in the bottom half of wealth in the United States held only around 6% of assets in equities.

Yet, despite how much housing has grown in value, its ascent pales compared to the fastest-growing asset class: public equities.

Between 1989 and 2023, the value of public stocks held by American households grew by nearly 1,700%, rising from $2 trillion in value to $37 trillion. This trend, coupled with the fact that shares in companies are held disproportionately by the rich, has caused the share of American household assets held by the top 0.1% to increase from 8% to 12%.

A stacked bar chart showing the top 0.1% have most of their wealth in equities where housing makes up for 51% of the assets of people in the bottom half of wealth in the United States.

Wealth Enhancement Group

The wealthy tend to own shares in companies

Some economists argue that, in theory, the ratio of a country’s wealth to its economy, as measured by GDP, should be constant over time.

Yet, data from the Bureau of Economic Analysis and the Federal Reserve data shows that the ratio of the net worth of American households and nonprofit organizations to GDP rose from around 3.6 in the 1980s to 5.5 in the third quarter of 2023.

In 2022, YiLi Chien and Ashley Stewart, two researchers at the St. Louis Federal Reserve, offered a few theories to explain how this ratio has increased over time. They suggest that American companies might now have greater market power, allowing them to charge more. The authors also note that since the internet era, many of America’s biggest companies, such as Meta and Google, offer their services to consumers for free—while investors may value their economic contributions, they do not count for much in the GDP numbers.

However, assets are not net worth. The rich are more likely to own their homes outright. In the third quarter of 2023, households from the top 0.1% owned $1.83 trillion worth of real estate while owing just $70 billion in mortgages. In contrast, households in the bottom 50% of wealth owned $4.87 billion of real estate against $3 billion of housing debt.

Story editing by Ashleigh Graf. Copy editing by Kristen Wegrzyn.

This story originally appeared on Wealth Enhancement Group and was produced and
distributed in partnership with Stacker Studio.

Share this:
Continue Reading

Business

Deepfakes cause 30% of organizations to doubt biometrics, Gartner finds

A look at AI deepfakes, it’s impact on security, and ways to mitigate the risks

Published

on

Share this:

A fake moustache and trenchcoat isn’t a convincing disguise, right? But a digitally altered video that makes your face identical to someone else’s? 

That’s a different story. 

Deepfakes are artificial images or videos that imitate a person’s likeness so convincingly that it can be nearly impossible to recognize they’re fake. Hackers use them to impersonate people’s faces and voices. This can have monumental impacts — even $25 million worth, which is what one undisclosed company lost in a deepfake scam. 

Even with all the money a company spends on voice authentication and facial biometrics, it can all be in vain if a deepfake hacker manages to fool them. 

Gartner explores the impact of deepfakes on organizational policy, and we’ll share some risk management considerations to address the trend. 

30% of organizations can’t rely on facial recognition software and biometrics

Biometrics rely on presentation attack detection (PAD) to assess a person’s identity and liveness. The problem now is that today’s PAD standards don’t protect against injection attacks from AI deepfakes. Once a bulletproof security strategy, biometrics are now inefficient for 30% of companies surveyed by Gartner. 

“These artificially generated images of real people’s faces, known as deepfakes, can be used by malicious actors to undermine biometric authentication or render it inefficient,” 

— Akif Khan, VP Analyst at Gartner 

The solution is a demand for more innovative cybersecurity tech. Gartner advises organizations to update their minimum requirements from cybersecurity members to include all of the following 

  • PAD
  • Injected attacks detection (IAD)
  • Image inspection

On top of that, you can beef up security with: 

  • Device identification: Numerical values or codes to identify a user’s device
  • Behavioural analytics: Machine learning algorithms to detect any shifts in day-to-day online behaviour

So, how can you account for deepfakes risks and mitigation in practice? Here are a few more tips to consider: 

  • Educate employees: Hold monthly or quarterly meetings with experts in the field to help your employee identify common signs of deepfakes, including blurred or pixelated images in a person’s video, or distorted audio. Greater awareness of what to look out for can allow employees to flag suspicions. 
  • Don’t rely on one authentication process: Multi-factor authentication demands 2+ pieces of evidence to verify a user before admitting them into a network. Include email, phone, or voice verification in addition to biometrics. 
  • Invest in deepfake detection software: Consider a subscription Sensity AI, Deepware Scan, Truepic, or Microsoft Video Authenticator. 

Gartner plans to share more findings and research on deepfakes at their security and risk management summits taking place in various countries around the world. 

Read more about those summits and see the news release here.

Share this:
Continue Reading

Business

Where companies have adopted AI—and where they are planning to do so in the near future

Published

on

By

Verbit analyzed survey data from the Census Bureau to see which states have the most companies that are enthusiastic about artificial intelligence.
Share this:

On Nov. 30, 2022, OpenAI launched ChatGPT, a chatbot driven by artificial intelligence. The app spread like wildfire. Not only did it provide an entertaining companion to chat with, but it also showed promise as a piece of productivity software.

ChatGPT allows users to ask questions about myriad topics and get useful responses in a way that search engines like Google cannot provide. Similar technologies have emerged in all kinds of domains, including image generation, language translation, transcription, computer programming, and more.

Firms across the U.S. are embracing artificial intelligence. To find out which regions are the most enthusiastic about AI, Verbit analyzed data from surveys taken by the Census Bureau in December 2023. Overall, 4.9% of businesses said they were using AI to produce goods or services in the past two weeks, while 6.7% say they plan to within the next six months.

Unsurprisingly, information technology companies are the most eager to use artificial intelligence—22% of respondents from American tech companies said they had used AI for their products or services within the past two weeks. That number actually understates AI’s impact in the field. A survey of computer programmers conducted by JetBrains, a software company, found that 77% of respondents used ChatGPT, while 46% used GitHub Copilot, an AI coding assistant.

Professional, scientific, and technical services were the second-most likely type of firm to respond that they used AI tools, according to the Census Bureau. Law firms are using tools to scan through thousands of past cases. And, according to Tess Bennett, a technology reporter for Financial Review, consultants and accountants are using AI to create PowerPoint presentations and conduct exploratory data analysis.


A map of showing which states have the highest share of companies who are currently using AI to produce goods and services.

Verbit

Top adopters

Some businesses have been quicker to adopt AI than others. Companies in Rhode Island lead the way on this front—8.7% of businesses in the state are currently using AI, nearly twice the rate of companies in the United States as a whole.

Companies on the West Coast and the Southwest tended to be more AI-friendly, while companies in the Rust Belt were likelier to have the lowest interest in using AI tools.

This story matches the Census survey numbers with data on what kinds of companies each state has within its borders and the education level of its workforce to understand why these disparities across states exist.

In general, states with a higher share of businesses in the technology sector also were likely to have more businesses use AI to produce goods and services. However, the weak correlation suggests that despite all of the hype surrounding AI, companies have still been slow to change their practices to adopt the technology.

A map showing which states have the highest share of companies which plan to use AI to produce goods and services in the next 6 months.

Verbit

Getting on the bandwagon

Businesses in Washington D.C., were the most likely to say they planned to adopt AI in the next six months, at 13.7%. Meanwhile, about 9% of businesses in Maryland, Alaska, New Mexico, Rhode Island, and Florida said they planned on implementing AI. Alabama and Delaware were the least enthusiastic about AI adoption—only 3.3% of businesses in the two states reported plans to implement AI.

This analysis of Census data found a much stronger correlation between how many of a state’s firms are in the tech sector and their willingness to implement AI in their business practices in the near future.

Similar trends were found when it came to states with highly educated workforces—in general, the higher the share of a state’s residents with college degrees, the more likely its businesses were to say they were planning on implementing AI. Artificial intelligence might be the future. But Census data reveals it is still early days.

Story editing by Ashleigh Graf. Copy editing by Kristen Wegrzyn.

This story originally appeared on Verbit and was produced and
distributed in partnership with Stacker Studio.

Share this:
Continue Reading

Featured