Market Data Sources

Corbis market intelligence is built on authoritative U.S. federal data, covering 386+ metropolitan statistical areas (CBSAs) across employment, housing, demographics, economic output, business activity, transportation, and migration. All data is refreshed on a regular cadence and enriched with national percentile rankings, 5-year trend analysis, and pre-computed strengths and weaknesses for each metro.

Employment & Labor Market

BLS Current Employment Statistics (CES)

Source: Bureau of Labor Statistics Frequency: Monthly Coverage: ~386 CBSAs

Key Metrics:

Total nonfarm employment
Industry-specific employment (Professional Services, Information, Financial Activities, etc.)
Office demand proxy (sum of PBS + Info + Finance sectors)
Industrial demand proxy (Transportation/Warehousing + Manufacturing)

Calculations:

Year-over-year (YoY) employment growth
Industry composition analysis
Sector-specific growth rates

BLS Local Area Unemployment Statistics (LAUS)

Source: Bureau of Labor Statistics Frequency: Monthly Coverage: ~386 CBSAs

Key Metrics:

Unemployment rate
Labor force size
Unemployment gap vs national average

Calculations:

Unemployment gap = Local rate - National average rate
Labor force YoY growth
Employment-to-unemployment ratios

Housing & Real Estate

Census Building Permits Survey (BPS)

Source: U.S. Census Bureau Frequency: Monthly Coverage: ~111 CBSAs

Key Metrics:

Total building permits
Single-family permits
12-month rolling permit totals
Permits per 1,000 residents

Calculations:

Rolling 12-month sums
Permit intensity relative to population
Housing supply pipeline indicators

FHFA House Price Index (HPI)

Source: Federal Housing Finance Agency Frequency: Quarterly Coverage: ~423 CBSAs

Key Metrics:

House price index (all-transactions HPI)
Quarterly price changes

Calculations:

Year-over-year HPI growth (4 quarters)
Price momentum (3-month acceleration)
Real price appreciation

HUD Fair Market Rents (FMR)

Source: Department of Housing and Urban Development Frequency: Annual Coverage: ~2,400 FMR areas (mapped to CBSAs)

Key Metrics:

40th percentile market rents
2-bedroom FMR rates
Rent growth trends

Calculations:

Year-over-year rent growth
Rent-to-income ratios (with ACS data)

Demographics

Census Population Estimates Program (PEP)

Source: U.S. Census Bureau Frequency: Annual Coverage: ~950 CBSAs

Key Metrics:

Total population
Population components (births, deaths, migration)
Year-over-year population growth

Calculations:

Population growth rates
Per-capita metric normalizations
Market size classifications

American Community Survey (ACS)

Source: U.S. Census Bureau Frequency: Annual (5-year estimates) Coverage: ~950 CBSAs

Key Metrics:

Median household income
Median gross rent
Housing units and households
Work-from-home share

Calculations:

Rent-to-income ratios
Housing affordability metrics
Remote work penetration rates

Economic Indicators

Federal Reserve Economic Data (FRED)

Source: Federal Reserve Bank of St. Louis Frequency: Varies by series Coverage: National and regional

Key Metrics:

National unemployment rates
Economic indicator series (Real GDP, CPI, 10-Year Treasury)
Regional economic benchmarks

Usage:

National baseline comparisons
Economic context indicators
Benchmark calculations

Bureau of Economic Analysis (BEA)

Source: Bureau of Economic Analysis Frequency: Annual Coverage: ~383 CBSAs

Key Metrics:

Gross Domestic Product (GDP)
Per capita income
Regional Price Parities (RPP)

Calculations:

Real GDP growth rates
Income relative to national average
Cost-of-living adjustments

Business & Industry

County Business Patterns (CBP)

Source: U.S. Census Bureau Frequency: Annual Coverage: ~986 CBSAs

Key Metrics:

Establishments by industry
Employees by industry
Annual payroll
NAICS industry classifications

Key Industries Tracked:

Construction (NAICS 23)
Wholesale Trade (NAICS 42)
Retail Trade (NAICS 44-45)
Professional Services (NAICS 54)
Health Care (NAICS 62)
Accommodation & Food Services (NAICS 72)

Calculations:

Industry concentration analysis
Business establishment growth
Employment by sector

Quarterly Census of Employment and Wages (QCEW)

Source: Bureau of Labor Statistics Frequency: Quarterly Coverage: ~386 CBSAs

Key Metrics:

Quarterly establishment counts
Average weekly wages
Industry-specific employment

Usage:

High-frequency employment tracking
Wage trend analysis
Industry health monitoring

Transportation & Infrastructure

Federal Aviation Administration (FAA)

Source: Federal Aviation Administration Frequency: Monthly Coverage: Major airports

Key Metrics:

Passenger traffic volumes
Airport operations data

Calculations:

Passenger growth trends
Airport capacity utilization

Bureau of Transportation Statistics (BTS)

Source: Bureau of Transportation Statistics Frequency: Monthly Coverage: Major airports

Key Metrics:

Air freight volumes
Cargo operations

Calculations:

Freight growth rates
Per-capita freight metrics

Financial & Tax Data

IRS Statistics of Income (SOI)

Source: Internal Revenue Service Frequency: Annual Coverage: ~386 CBSAs

Key Metrics:

Net migration (tax return-based)
Adjusted Gross Income (AGI) flows
In-migration / out-migration patterns

Calculations:

Net migration rates
Income mobility analysis
Population flow patterns

5-Year Trend Analysis

For each of the four core series — employment, building permits, home prices, and unemployment gap — Corbis computes 5-year trend metrics that capture the trajectory, consistency, and momentum of each market:

Metric	Description
CAGR	Compound annual growth rate over the trailing 5 years
Total Change	Cumulative percentage change over the full 5-year window
Volatility	Coefficient of variation (lower = more stable growth)
Slope	Annualized OLS regression slope (units per year)
R-squared	Goodness-of-fit for the trend line (0-1, higher = more consistent)
Average	5-year average level of the metric
Strength	Categorical assessment: strong_up, moderate_up, weak, moderate_down, strong_down

Trend strength is determined by combining the direction (slope sign) with the consistency (R-squared threshold), giving a clear signal of whether a metro's trajectory is reliable or noisy.

National Rankings

Every metric is ranked nationally, producing:

Percentile (0-100): Where the metro falls relative to all other CBSAs
Quintile (1-5): Broad performance tier (1 = bottom 20%, 5 = top 20%)

Rankings are computed across all metros with available data for each metric, enabling consistent cross-market comparisons.

How to Access This Data

In Corbis chat, simply ask about any U.S. metro area:

"What are the economic conditions in Dallas?"
"Compare Austin and Nashville for multifamily investment"
"Top 10 markets by job growth"
"Generate a market report for Rogers, AR"

Corbis will automatically pull the relevant federal data, supplement it with real-time market intelligence, and reference academic research for deeper context.

Market Data Sources

Employment & Labor Market

BLS Current Employment Statistics (CES)

Source: Bureau of Labor Statistics Frequency: Monthly Coverage: ~386 CBSAs

Key Metrics:

Total nonfarm employment
Industry-specific employment (Professional Services, Information, Financial Activities, etc.)
Office demand proxy (sum of PBS + Info + Finance sectors)
Industrial demand proxy (Transportation/Warehousing + Manufacturing)

Calculations:

Year-over-year (YoY) employment growth
Industry composition analysis
Sector-specific growth rates

BLS Local Area Unemployment Statistics (LAUS)

Source: Bureau of Labor Statistics Frequency: Monthly Coverage: ~386 CBSAs

Key Metrics:

Unemployment rate
Labor force size
Unemployment gap vs national average

Calculations:

Unemployment gap = Local rate - National average rate
Labor force YoY growth
Employment-to-unemployment ratios

Housing & Real Estate

Census Building Permits Survey (BPS)

Source: U.S. Census Bureau Frequency: Monthly Coverage: ~111 CBSAs

Key Metrics:

Total building permits
Single-family permits
12-month rolling permit totals
Permits per 1,000 residents

Calculations:

Rolling 12-month sums
Permit intensity relative to population
Housing supply pipeline indicators

FHFA House Price Index (HPI)

Source: Federal Housing Finance Agency Frequency: Quarterly Coverage: ~423 CBSAs

Key Metrics:

House price index (all-transactions HPI)
Quarterly price changes

Calculations:

Year-over-year HPI growth (4 quarters)
Price momentum (3-month acceleration)
Real price appreciation

HUD Fair Market Rents (FMR)

Source: Department of Housing and Urban Development Frequency: Annual Coverage: ~2,400 FMR areas (mapped to CBSAs)

Key Metrics:

40th percentile market rents
2-bedroom FMR rates
Rent growth trends

Calculations:

Year-over-year rent growth
Rent-to-income ratios (with ACS data)

Demographics

Census Population Estimates Program (PEP)

Source: U.S. Census Bureau Frequency: Annual Coverage: ~950 CBSAs

Key Metrics:

Total population
Population components (births, deaths, migration)
Year-over-year population growth

Calculations:

Population growth rates
Per-capita metric normalizations
Market size classifications

American Community Survey (ACS)

Source: U.S. Census Bureau Frequency: Annual (5-year estimates) Coverage: ~950 CBSAs

Key Metrics:

Median household income
Median gross rent
Housing units and households
Work-from-home share

Calculations:

Rent-to-income ratios
Housing affordability metrics
Remote work penetration rates

Economic Indicators

Federal Reserve Economic Data (FRED)

Source: Federal Reserve Bank of St. Louis Frequency: Varies by series Coverage: National and regional

Key Metrics:

National unemployment rates
Economic indicator series (Real GDP, CPI, 10-Year Treasury)
Regional economic benchmarks

Usage:

National baseline comparisons
Economic context indicators
Benchmark calculations

Bureau of Economic Analysis (BEA)

Source: Bureau of Economic Analysis Frequency: Annual Coverage: ~383 CBSAs

Key Metrics:

Gross Domestic Product (GDP)
Per capita income
Regional Price Parities (RPP)

Calculations:

Real GDP growth rates
Income relative to national average
Cost-of-living adjustments

Business & Industry

County Business Patterns (CBP)

Source: U.S. Census Bureau Frequency: Annual Coverage: ~986 CBSAs

Key Metrics:

Establishments by industry
Employees by industry
Annual payroll
NAICS industry classifications

Key Industries Tracked:

Construction (NAICS 23)
Wholesale Trade (NAICS 42)
Retail Trade (NAICS 44-45)
Professional Services (NAICS 54)
Health Care (NAICS 62)
Accommodation & Food Services (NAICS 72)

Calculations:

Industry concentration analysis
Business establishment growth
Employment by sector

Quarterly Census of Employment and Wages (QCEW)

Source: Bureau of Labor Statistics Frequency: Quarterly Coverage: ~386 CBSAs

Key Metrics:

Quarterly establishment counts
Average weekly wages
Industry-specific employment

Usage:

High-frequency employment tracking
Wage trend analysis
Industry health monitoring

Transportation & Infrastructure

Federal Aviation Administration (FAA)

Source: Federal Aviation Administration Frequency: Monthly Coverage: Major airports

Key Metrics:

Passenger traffic volumes
Airport operations data

Calculations:

Passenger growth trends
Airport capacity utilization

Bureau of Transportation Statistics (BTS)

Source: Bureau of Transportation Statistics Frequency: Monthly Coverage: Major airports

Key Metrics:

Air freight volumes
Cargo operations

Calculations:

Freight growth rates
Per-capita freight metrics

Financial & Tax Data

IRS Statistics of Income (SOI)

Source: Internal Revenue Service Frequency: Annual Coverage: ~386 CBSAs

Key Metrics:

Net migration (tax return-based)
Adjusted Gross Income (AGI) flows
In-migration / out-migration patterns

Calculations:

Net migration rates
Income mobility analysis
Population flow patterns

5-Year Trend Analysis

Metric	Description
CAGR	Compound annual growth rate over the trailing 5 years
Total Change	Cumulative percentage change over the full 5-year window
Volatility	Coefficient of variation (lower = more stable growth)
Slope	Annualized OLS regression slope (units per year)
R-squared	Goodness-of-fit for the trend line (0-1, higher = more consistent)
Average	5-year average level of the metric
Strength	Categorical assessment: strong_up, moderate_up, weak, moderate_down, strong_down

Trend strength is determined by combining the direction (slope sign) with the consistency (R-squared threshold), giving a clear signal of whether a metro's trajectory is reliable or noisy.

National Rankings

Every metric is ranked nationally, producing:

Percentile (0-100): Where the metro falls relative to all other CBSAs
Quintile (1-5): Broad performance tier (1 = bottom 20%, 5 = top 20%)

Rankings are computed across all metros with available data for each metric, enabling consistent cross-market comparisons.

How to Access This Data

In Corbis chat, simply ask about any U.S. metro area:

"What are the economic conditions in Dallas?"
"Compare Austin and Nashville for multifamily investment"
"Top 10 markets by job growth"
"Generate a market report for Rogers, AR"

Corbis will automatically pull the relevant federal data, supplement it with real-time market intelligence, and reference academic research for deeper context.