The May Jobs Report showed an employers added 280,000 jobs last month. This was well above the expectations of 220,000. It also means over three million jobs have been created in the last 12 months. Most importantly, the age group of 25-34 has seen one million jobs created in the last 365 days. As most Chapel Hill residents know, a large number of students graduate from UNC, Duke and NC State every year. From 2007 until recently many of these recent graduates were finding it very difficult to find employment. The overall economy has improved drastically and a large number of recent graduates have multiple job offers on the table. While a large precentage of graduates will move away from Chapel Hill and Durham there are still many that will stay and work in RTP, Raleigh or downtown Durham.
Strong job numbers means a stronger economy. With a strong economy comes a strong housing market. Look for recent grads and young professionals to make the concerted effort to research their first home purchase in the next six to 12 months. As these individuals are able to pay down their student loan debt they are going to have extra income to invest or spend elsewhere. Those looking to build a family or a portfolio of assets will likely look at making a home purchase in the Raleigh, Durham or Chapel Hill area.
