These 10 States Will Experience a Surge of Job Growth

by Thursday, April 21, 2016

These 10 States Will Experience a Surge of Job Growth

What better way to bounce back from the 2008 financial crisis than to see an explosion of the number of jobs available? Moody Analytics reports that the US is expected to generate approximately 13 million new jobs in the next five years. However, not all these jobs are dispersed equally. Do you know want to know which states will have the most job growth? No problem, just look at the following 10 states:

 

10 – California

Current Unemployment Rate for 2015: 6.3%

Average Household Income: $61,750

Anticipated job growth Rate: 2.1%

 

The Golden State may barely make the cut, but it’s projected to provide just over a 2% increase in jobs. Did you know California is still the most populated state in the US with about 40 million residents? More people might soon be saying singing the state’s motto in pure bliss due to newfound employment.

 

 

9 – South Carolina

Current Unemployment Rate for 2015: 6.4%

Average Household Income: $45,400

Anticipated job growth Rate: 2.2%

 

Things will be looking good for the south, employment wise, and South Carolina is just one of many states. South Carolina had a positive economical growth in 2014, and it’s expected to continue. Their stable employment and growth will result in more personal income as well.

 

 

8 – Idaho

Current Unemployment Rate for 2015: 3.8%

Average Household Income: $48,100

Anticipated job growth Rate: $2.2%

 

Idaho will truly be thought of as “the gem” after the rise in employment rates, and the state’s capital will have the most. Since 2013, there has also been an increase in employees that are earning above minimum wage. Statistics reports that in 2013-2014, those that were earning at or under minimum wage dropped from 7.1 to 5.1 percent. You go Idaho.

 

7 – Washington

Current Unemployment Rate for 2015: 5.4%

Average Household Income: $60,000

Anticipated job growth Rate: 2.3%

 

The start of 2015 has been the best time thus far for those without a job. Washington has steadily been supplying new jobs for its people, and it shows because their unemployment rate is falling. Recently, the unemployment rate did go up again by about .2%, but it is projected to dropped significantly with the new jobs in store for their residents.

 

6 – Oregon

Current Unemployment Rate for 2015: 5.3%

Average Household Income: $51,800

Anticipated job growth Rate: 2.4%

 

Most people that notice the unemployment rate increases in this state may say that the economy is only getting worse when that happens. However, the definite steady increase in jobs debunks that statement. The increase in jobs does not reflect the economic conditions when the statistics report them. Nearly half of the reason for the unemployment increase is because of people joining the labor force and not yet locating for work or people who choose to leave work. Oregon is doing better than what was previously expected in regards to the national economic growth average.

 

5 – Georgia

Current Unemployment Rate for 2015: 6.1%

Average Household Income: $49,000

Anticipated job growth Rate: 2.4%

 

Last year, Georgia’s unemployment was 8.1% at its highest. Today it is about 2% less than that. The state has steadily been doing well, and is planned to do better in the coming years.

 

4 – Utah

Current Unemployment Rate for 2015: 3.2%

Average Household Income: $61,000

Anticipated job growth Rate: $2.5%

 

In the start of 2015, Utah was dubbed as the highest job growth rate in America for several months. They may be in a higher place than predicted, but other states might catch up. Regardless of where they will be, the state is doing better and better year after year economically.

 

3 – Florida

Current Unemployment Rate for 2015: 5.4%

Average Household Income: $47,000

Anticipated job growth Rate: 2.7%

 

Things are looking bright for those that are living in the Sunshine State. After California and Texas, Florida is the third most populated state in the US, and they continue to excel in providing new jobs. The state had over 230,000 added from last September and another 941,000 jobs added in the private sector since 2010. No one can deny how much Florida’s economy is booming.

 

2 – Nevada

Current Unemployment Rate for 2015: 6.8%

Average Household Income: 52,700

Anticipated job growth Rate: 2.9%

 

Nevada is a hardworking state, and is projected to dish out new jobs to the masses. Retail, building, and resort companies will be the top providers. Nevada is expected to have an additional 52,000 jobs by the end of 2016, and an additional 60,000 jobs by the end of 2017. The construction companies will likely add 8,700 jobs by 2016, and 11,000 jobs by 2017. Retail and leisure companies will increase by 15,500 and 41,200 by 2017, and the healthcare industry will have over 13,000 new jobs.

 

1 – Arizona

Current Unemployment Rate for 2015: 5.9%

Average Household Income: $49,400

Anticipated job growth Rate: 3.1%

 

By the time the year 2009 was over, Arizona’s highest unemployment rate was at a staggering 11.2%. Arizona is brushing off the dirt from its shoulders from their lowest time and is emerging as one of the top states doing well economically. A great reason for their success is partly due to migrations going renewed (it also fell drastically during the recession). Nevada is looking to have about 680,000 more people migrating to the state. This will also mean more consumer and healthcare related jobs. Baby boomers also play an important role for the increase in additional jobs because a great deal of them are going into retirement. Banks likes JPMorgan Chase, Wells Fargo, and Bank of America are a big deal in Arizona and because their services are a must, more employees will be needed.

 

These predictions may change as several factors will determine how well a state does economically. Florida, Arizona, and Nevada, for example, largely depend on tourism. With that said, if there is a sudden increase in the prices of gas, or another bump in the road economically, the reflection will show. It will hurt them when the number of employment prospects lowers. Texas is one state that had one of the quickest growth projections in 2014. However, there was an unpredicted shot in energy costs that stunted the state. It’s the main reason they did and are likely not going to make it as one of the top 10 states for job growth.

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