Top 10 Metros Exceeding U.S. Job Growth Expectations
Top 10 metros exceeding U.S. job growth expectations (and 10 that have fallen behind)
We’re all aware of the global financial crisis in 2008 that likes to still have an effect on today’s world economies. But perhaps the country still feeling the strongest effects of that ripple is where it all started- the United States. After all this time, it’s still a hot topic, even one being debated on in the current presidential election. But there is a light here. More and more jobs are being created, at a seemingly steady pace, and things are looking up, even if the unemployment rate likes to fluctuate more than any of us would care to be comfortable in.
With all the talk of unemployment and job creation, CareerBuilder recently ran a study to see which cities were experiencing the most job growth as well as the ones in which weren’t experiencing as much as expected. And there were definitely a few surprising results on both ends of the spectrum.
In order to achieve the results, CareerBuilder used an analytical tool known as shift share, or a method utilised to see how much of job creation is due to national trends and regional factors. It helps determine why employment is increasing or decreasing in certain regions or parts of the economy. Additionally, shift share also utilises over 90 national and state employment resources as well as accounting for both company employees and the self-employed.
Coming out at number one with 44,871 more jobs created than expected was the city of Dallas, Texas and San Jose, Los Angeles, Seattle, and Seattle rounding out the top five with more than 30,000 more jobs created in each economy than expected with spots five through ten granted to Atlanta, Orlando, San Francisco, Riverside, and Charlotte, all with 18,000 to 30,500 jobs created. And at the bottom of the list, Chicago unfortunately came out on top with 37,037 less jobs created than expected during the 2014-2015 year with New York City, Philadelphia, New Orleans, and St Louis completing the top with all at a 12,500 or more reported loss in terms of job growth with Richmond, Virginia, Virginia Beach, Cleveland, Tulsa and Lafayette, Louisiana finishing the bottom ten out with between 6,800 and 11,000 less jobs created than expected. Though creating jobs is always a good thing, the bottom 10 cities still fell short of national averages and trends. There were a few surprises at both ends but if this list shows us anything, it demonstrates that job creation is still anything but predictable. And the shift share is trying to at least make some sense of all the data in a methodical way that plays on both unique and national trends.
According to Matt Furguson, the CEO of CareerBuilder, 27 of the top 50 largest metros in the United States reported significant growth in job creation from 2014 to 2015, which is a fantastic sign for the nation’s economy. Moreover, what played the biggest part in creating jobs was unique regional factors-like the tech boom for cities like San Jose or Los Angeles and the tourism industry for places like Miami or Orlando. More and more cities are seemingly playing into their regional strengths in order to not only promote the region but also create jobs for their constituents as well.
Naturally, we are all hoping that this kind of national growth trends is paving the way for longer, positive trends in terms of job growth. The American economy is hinting at more and more creation of jobs around the country, as there is more of a national focus on it. And it’s always interesting to see which cities make the top of the list as well as what surprises are found along the way.