The 4 cities with the fastest growing job markets
September 16, 2016 / Corporate relocation
Sometimes people move because they're enrolled in an out-of-state college. In other instances, folks pack up for a new home because it's a great place to raise children. Yet each year, millions of Americans relocate for employment. In fact, per figures from the U.S. Census Bureau, almost 20 percent of moves in 2012 were for employment purposes. And just as there are certain cities best geared toward a booming family life, so too are there cities with extra lucrative job markets. Here are four such cities that are drawing in workers of all backgrounds with the promise of better job options:
"Plano, Texas, beat out 149 other cities in most booming job markets."
1. Plano, Texas
In January 2016, WalletHub released its own list of the best and worst cities for finding a job. Plano, Texas landed squarely atop that list, beating out cities like Denver, Scottsdale, AZ, San Francisco, Dallas, Orlando and 150 cities in total. To determine the rankings, the experts at WalletHub gave points based on two factors. The first was job market (a total of 80 points), and included things like total opportunities, industry variety and median salaries. Meanwhile, socio-economic environment - which was 20 points - touched on median income, employee benefits, safety and housing affordability. Plano had the second highest median annual income and lowest housing prices.
2. San Francisco, California
For its own list, Forbes focused on one of the fastest growing job sectors in the U.S., technology. As TechRepublic pointed out, the tech sector alone employs over 6.7 million American workers, and is one of the largest contributors to the country's economy. It's no wonder, then, that Forbes named San Francisco (and surrounding Redwood City) as the best city for jobs. Between 2010 and 2015, the city's total job growth equaled almost 24 percent; the next closest city, San Jose, experienced just 20 percent expansion. It's the city's professional business service sector (companies like Oracle and Uber) that has boomed the biggest, growing 45 percent from 2010 to 2015.
3. Overland Park, Kansas
Though Plano also topped the 2016 list from Business Insider, there was another city that performed nearly as well: Overland Park, Kansas. In recent years, the city has experienced a continued growth rate of 0.77 percent; that's particularly significant not only for the state but for much of the region. Additionally, the city has a high median annual income; Overland's $72,231 per year bested even that of the super hub of Austin, Texas ($58,368). But there are other elements that have made Overland Park such a draw. It has some of the lowest numbers of residents below the poverty line, which is in part aided by one of the most affordable housing markets for a city with its size and employment offerings.
4. Madison, Wisconsin
ZipRecruiter assembled its own list, but arrived at slightly different outcomes than some other groups. Whereas cities in California or New York reigned supreme elsewhere, ZipRecruiter crowned the Midwest as the region for most thriving job markets. And in that area, there is no more prosperous city than Madison, Wisconsin. The city has a lot going for it on the job market, including a lo unemployment rate (2.9 percent versus the national average of 5 percent, per the U.S. Bureau of Labor Statistics). Madison also has a great ratio of job hunters to available positions, a growing number of talented workers (thanks to University of Wisconsin-Madison) and a diverse field of industries that includes retail, tech and insurance.
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