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The first U.S. jobs report of 2016 was released and the results left economists with a lot to work with. Unemployment fell to an average of 4.9 percent across the nation, according to CNN Money. This is the lowest the rate has fallen since February 2008, around the time the Great Recession began.
The 151,000 jobs added in January fell short of economists' projections of 200,000, and was dwarfed by December's gain of 262,000. This month-to-month drop coincides with current stock market performance. According to Money Morning, about half of the S&P 500 stocks have lost 20 percent off of their 52-week high, while the DOW has dipped 11 percent from its May high.
Wages up, hiring down
The good news from this job report is that the American workforce is healthy. Most economists believe that a 5 percent unemployment rate is normal for a bustling economy, because there will always be, more or less, 5 percent of the population who can't work, won't work or just can't find a job within their field, CNN Money reported.
"Average hourly wage increased by 2.5% between 2015 and 2016."
Hourly wage saw a modest increase of 0.5 percent across the nation in January, bringing the yearly change to around 2.5 percent. The employment and wage gains, along with the crashing prices of oil and the weakening of the stock market, have prompted some to remember back to the healthy economy that thinly veiled the impending recession in 2008, but analysts don't believe the same case will happen again.
"We don't think the economy is sliding into a recession," Michael Gapen, chief United States economist at Barclays, told the New York Times. "We do think the unemployment rate will continue to drift lower and that will support wage growth."
Though usual high-performers like energy and public equities have been shaky to start the year, indecisive investors seemingly won't have an effect on American employment.
"The headline number was a bit of a disappointment but not too bad, and the rest of the report suggests steady improvement," Michael Hanson, a senior economist at Bank of America Merrill Lynch, told the NYT. "The financial markets are leery, but the labor market still looks like it's continuing to grow."
Which markets spurred growth
The most significant topic to note is that the manufacturing sector is now fully rooted in recession, according to CNN Money. This is because the strong U.S. dollar is creating less of a demand for American goods overseas.
Despite manufacturing and construction's woes, other industries made significant strides in January:
The employment gains and the consistent uptick of the average wage are good signs in an economy that seems to have hit its peak and is now slowing down. Don't expect hiring to slow down next month, though, despite the madness currently surrounding the stock market.
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Charlotte, North Carolina, has become an example of a well-run economy that consistently provides citizens jobs in major market sectors. The city is home to close to 800,000, according to City Data statistics from 2013. Since 2000, the population has swelled 46.6 percent, and it's becoming increasingly clear why everyone is flocking to North Carolina.
The Queen City takes the throne
Charlotte residents enjoy a humid climate that rarely sees snow, but also experiences more rain than most cities in the United States. According to Weather Spark, the temperature varies annually between 31 degrees Fahrenheit and 89 degrees, which contributes to the mild winters the city normally experiences.
Residents enjoy a number of amenities that come with living in the area. Charlotte provides locals with access to a number of professional sports stadiums, the Bechtler Museum of Art, the Carolinas Aviation Museum and Freedom Park. Weekends tend to be lively because of the colleges in the area and the professional sports scene, and those who have recently moved to the area can always find something to do.
Charlotte, North Carolina, has a burgeoning economy.
Can't stop, won't stop hiring
The technology sector in Charlotte is always hiring hacking experts, according to Denny Deaton, an ethical hacker for Gotham Digital Science.
"We're still actively hiring here in Charlotte," Deaton said to the Charlotte Observer. "We're growing very quickly."
The Charlotte Observer also reported that major companies like Lowes and Bank of America recently posted job advertisements for similar areas of work for divisions in the city. Charlotte's professional and business services sector is booming with 185,300 employed in the industry, according to the Bureau of Labor Statistics. This industry has had 3.3 percent growth in additional jobs in 2015.
According to the BLS, there are no industries in the city that are declining in yearly growth rate, which bodes well for prospective job seekers. "Charlotte has changed so much since 2003, when I first relocated here," says Laura Centofanti, Division Director of Beacon Hill Associates in Charlotte. "It has been very exciting to be part of the city's expansion and growing labor force." Clearly, Charlotte is quickly becoming a role model of sustainable economic growth for cities in America.
Seattle, Washington, is quickly becoming the place to be for those who find themselves unemployed. The city saw its population expand by 3.3 percent in 2014, Marcus and Millichap pointed out in a report, and forecasts have it trending up in 2015 as well. This year, Seattle's economy should expand to add 65,000 jobs, according to the source. It will stifle the unemployment rate to below the national average of 5 percent, which it met in October, according to the Bureau of Labor Statistics.
It's the best in the Northwest
Seattle is by far the largest city in Washington, with a population of 608,660, according to the last national census, and has seen a steady population growth rate of 8 to 9 percent since the 1990s, the city website pointed out. The thriving area boasts the iconic Space Needle as its main tourist attraction, and robust management, business, science and arts sectors - all of which combine to employ 54 percent of their population, the source observed.
Since the study was first conducted 12 years ago by Dr. Jack Miller, president of Central Connecticut State University, the city has yet to fall out of the top five ranking of most literate cities in America, according to USA Today. While it was ranked second in 2014, the source explained that the fall to third place in 2015 doesn't signal a negative change.
Forbes observed a 12 percent growth in Seattle's technology industry over the past two years, and 43 percent over the last decade. That was good enough to rank first on Forbes list of best cities for tech jobs. It's obvious that low housing prices, as well as the presence of industry titans like Microsoft and Amazon, have made the rainy area a contender with other major cities like Palo Alto, California, and Houston, Texas.
"The job growth in Seattle is in a constant upswing," says Rikki Denniston, Division Director of Beacon Hill Financial in Seattle. "The problem is not enough jobs for people, but not enough people for jobs. It's a great time to be working in or just starting your career off in Seattle."
Seattle also boasts an expanding science, technology, engineering and math industry with a 7.6 percent gain over the past two years - a STEM growth that beats Silicon Valley's. Its success isn't just recent, as it's seen an 18 percent rise over the past decade as well, according to Forbes.
"A number of companies – Facebook and Google to name a couple – have recognized what Seattle has to offer in terms of the talent pool, while still being a more affordable option in comparison to California," Denniston notes. "With Amazon continuing to build out what is now millions in square footage for multiple office locations throughout downtown Seattle, and Microsoft being a consistent employer, we are attracting more and more technology companies as well as healthcare, research, and start-ups."
"Seattle has enjoyed job growth across the board in the past year."
While tech has played a role in the economic vitality, it's not the largest industry. Though its headquarters have moved to Chicago, Boeing once called the Emerald City home, and aerospace is currently one of the largest industries in the city, according to Forbes.
Seattle enjoyed growth across the board in the past year. Construction saw a whopping 9 percent increase in employment from 2014 to 2015, according to the BLS. Professional and business services, the second largest industry in the area, experienced a healthy 4 percent growth, while the government sector, which currently employs 269,400 people, saw a comparable 3.5 percent increase. Its financial activities industry, though not lauded, accomplished a 2.3 percent increase.
With its past success in mind, it is clear that Seattle has the infrastructure, amenities and job growth to sustain its recent prosperity. This burst in employment looks as though it will be here to stay, making Seattle an ideal city for anybody searching for employment.
Finding the right job falls hand-in-hand with living in the right city. Rent has to be manageable, opportunities have to be available and the area needs to feel safe and comfortable. The District of Columbia is highlighted by Forbes as one of the best cities for millennials to live in, and for good reason.
What's so special about D.C.
Washington, D.C., is well-known for being the capital of the United States, but stands to offer so much more. The city is steeped in history and tourists often visit. Those who move there will have a ton on their plate for the first few months as they venture out and explore what's around them. The White House, Washington Monument, National Air and Space Museum, the United States Capitol and a number of memorials top the list as must-see places to visit.
If tourist attractions aren't of interest, the city boasts a strong sports fan base, a massive mall in Tyson's Corner, and a number of bars and nightclubs. Average rent in D.C. falls right around $1,242 a month, according to Forbes. This is manageable compared to places like Cambridge, Massachusetts, at $1,612, and Manhattan, New York, at $1,442 - which make up the top two on Forbes' list.
D.C. has a large number of millennials living in the city, with 21.5 percent of the population composed of those ages 25-34. While those who are older may also find this city to be welcoming, it's an area that seems to be on the rise and young people are flocking.
"D.C. is a fantastic city for millennials to jumpstart their careers," says Kristen Freeman Johnson, Division Director of Beacon Hill Associates in Washington, D.C. "There are endless internship opportunities available for more recent college graduates, which can prove to be a wonderful learning opportunity while continuing a full-time job search. The market for entry- and mid-level staff has been steadily growing this year, across all industries in D.C., including trade associations, nonprofit, real estate, consulting, and more!"
Breaking down the numbers
D.C. employs 360,800 people currently, while holding a slightly higher unemployment rate (6.7 percent) than the national average (5 percent), according to the Bureau of Labor Services.
Not surprising, D.C.'s biggest sector is government, with 235,300 employed, according to the BLS. The industry is relatively stable within the economy as it has only experienced a 0.4 percent change since 2014. With its status as a sort of government Mecca for the U.S., it's easy to see why this area of employment is thriving.
It is the strength of the government sector that makes it particularly attractive to young job seekers. "Although D.C. already has a relatively low unemployment rate, we see even more opportunities for skilled workers possessing active security clearances," says Steve Broadman, Beacon Hill Staffing Group's Division Director of Government Services. "Most of the employers seeking to hire millennials that fit this category find it very competitive, with most skilled candidates fielding several great job offers anytime they are looking for a new role."
Professional and business services compose the second largest industry in the city, accounting for 162,000 employees, the BLS observed. In addition, this sector has seen some modest recent growth, expanding by 2 percent since 2014.
Education and health services round out the big three, and account for 131,900 of the people working in D.C, the BLS pointed out. This sector has seen the most growth in the last year, with a 3.8 percent change in that time period.
While none of these industries are putting up jobs at rates compared to Houston, Texas, or Seattle, Washington, the city provides a number of opportunities for a younger generation. It's sometimes hard to find a city with ample job opportunity that is also great to live in, but D.C. is well on its way to becoming a hotspot.
In the heart of New York City, Manhattan, finds itself in the midst of an economic boom, and it's only looking up from here. The Alliance for Downtown New York recently released a report that highlights the city's steady growth and forecast for 40,000 potential new jobs between 2015 and 2019. The ADNY reported that eventually, the city will play a central role in economic activity and opportunity for every resident of New York.
"By 2014, the Lower Manhattan economy had really rebounded, but looking forward over the next five years, we're going to surge even further ahead," Downtown Alliance President Jessica Lappin said in the press release. "As our economy grows, it will benefit the entire city, each and every borough, each and every neighborhood, people from all walks of life and all educational backgrounds."
An inside look at Manhattan
Manhattan sits squarely in the middle of New York County, which boasts a population of 1.6 million, according to the United States Census Bureau. Since 2010 the area has experienced a 3.2 percent growth in population, ballooning to almost 70,000 people per square mile.
Manhattan is within walking distance of some of the most significant monuments in New York. Those who live there can enjoy daily walks in Central Park, marvel at the Museum of Modern Art, visit the Intrepid Sea, Air and Space museum and catch a baseball game at Yankee stadium. Employment opportunities, as ADNY pointed out, are abound for those of all different experiences and backgrounds.
The workforce behind the growth
There are currently around 3.7 million people employed in New York City, according to New York's Department of Labor. The city has enjoyed a 2.6 percent employment growth rate in 2015 with opportunities open across almost every sector. What's even more encouraging is the numbers for those residing in the city. New York is notorious for people commuting to work, rather than living in the city. Currently 112,800 people live and work in New York City. This figure has seen a 2.9 percent growth rate throughout 2015, according to the NYDOL.
Education and health services saw the most growth in the city in 2015, with over 31,200 new jobs being added in that sector. Education is important for those with families looking to move to New York to live and work there, and the city takes that aspect of life seriously.
Business and professional services, and the leisure and hospitality sector both reflected substantial gains, with 17,900 and 14,700 jobs added in each sector, respectively. The financial activities sector followed suit, chipping in 9,500 jobs for the economy, which serves as proof that New York's financial district, one of the most lauded in the world, is still experiencing gains. Trade, transportation and utilities rounded out the heavy-gainers by adding 9,800 jobs to their sector.
Laura Colby, Division Director of Beacon Hill Associates in New York City, has taken note of the palpable economic surge. "Working in recruiting in NYC since 2003, this is the most competitive job market I have seen," she says. "Candidates are receiving multiple job offers, counter offers to stay with their current employers, and a record number of temporary to permanent conversions – all are signs of a good economy and employment rate."
New York City has bounced back consistently well after the economy crashed in 2008, and the ADNY report that forecasts 40,000 new jobs to be added by 2019 is encouraging. The sights and sounds of the city are enough to make anyone want to live there, and now it seems as though opportunities will be there too.
As the technology job market expands, so too has the popularity of education in that field. For many higher education programs and even secondary schools, tech ed has become a staple, whether it's information technology, computer science, mechanical engineering or another related study. However, there are thousands of working adults whose school days are in the rear view mirror - and for whom technology is not an area of expertise. Recently, there has been little recourse for these individuals to get a degree in a more advanced field. As a result, their employment options are more limited.
However, Tennessee governor Bill Haslam rolled out the RECONNECT program at the beginning of this year, under which every adult will be given the chance to attend a Tennessee College of Applied Technology free of tuition, according to the Tennessee Department of Economic and Community Development. That education would provide training and certificates that could unlock a number of more lucrative, meaningful job opportunities. Additionally, the state's employers will benefit from the increased availability of skilled professionals needed to fill gaps in the workforce.
"New initiatives could unlock a number of more lucrative, meaningful job opportunities."
Tech focus brings growth to Nashville
Governor Haslam predicted in January 2015 that his state's renewed focus on tech education and employment through the RECONNECT program would bring strength to the technology industry. Additionally, Haslam told the Department of Economic and Community Development that in fall 2015, 25,000 students would attend technical and community colleges free of tuition. Among those, 68 percent will be the first in their family to attend college.
But the Tennessee governor wasn't the only person with high hopes. According a recent study reported by Fortune Magazine, Nashville was the country's second fastest-growing market for tech jobs from December 2013 to December 2014. In that period, the city added 24 percent more jobs in the tech industry than the previous one-year period. That growth occurred before the RECONNECT program, so it stands to reason even more, newly-skilled individuals will find employment in the technology sector by the next yearly survey.
"The city itself has done a magnificent job of promoting technology job growth by investing in programs like the Nashville Technology Council and The Entrepreneur Center," says Joe Cox, Division Director for Beacon Hill Technologies in Nashville. "They made a massive effort in bringing Google Fiber to the Middle Tennessee area, which is expected to go live here in the next year or so."
Cox believes that the government's investment plays a large part in why the Music City is going techno. "Nashville has been growing exponentially over the past six years, especially on the technology side," he says. "In just those six years we have seen multiple Fortune 100/500 companies make the decision to relocate here to Middle Tennessee."
Other sectors prove strong
Tennessee's technology industry is thriving, but the state is no one-trick pony. It has earned the reputation of having one of the most skilled workforces in the nation, which goes beyond tech jobs. Here are a few of the other areas where Tennessee's job market is looking strong, according to TNECD:
Under the current conditions, Tennessee is a business-friendly state, making it a desirable region for employers and employees to connect.
"This is an excellent time for Music City," explains Amy Culpepper, the Division Director of Beacon Hill Financial in Nashville. "Not only are we growing as a community with over 80 people a day relocating to the Greater Nashville area, we have consistently seen month over month job growth with many companies relocating corporate headquarters as well as Shared Services Division here."
Culpepper also agrees that technology is not the only boon for the city's economy. "The healthcare industry continues to be a strong element leading to growth opportunities," she mentions. "Nashville has a rich history in the manufacturing industry, especially in the automotive sector. Many large distribution centers have also moved into our area that are connected to retail and manufacturing, making sure Nashville continues to be a hub for the South."
With the initiatives and investments in place, Nashville, Chattanooga and other major cities should all improve in the technology sector and across the board.
The nature of the global stock market is such that even the most calculated, advanced, algorithmic predictors and programs cannot accurately navigate through the volatility. Take China's recent market plunge, for example. After a year of steadily increasing investment in Chinese stocks - even in the face of economic stagnancy - the market bubble popped on June 12 and the Shanghai index dropped by a third, according to CNN. There were warning signs, but none prevented the downfall. Instead, investors held onto their assumptions right up until "Black Monday" (as the crash is now dubbed) when many panicked and sold immediately.
This behavior highlights a common practice among modern investors: relying on robots to guide trading decisions. A variety of mathematically-sound automatic investment "strategists" help investors select profitable assets and minimize risk, according to Wired. But when the market behaves erratically and losses mount, these investors, especially the inexperienced ones, need human guidance. That's why, despite the prevalence of bots and their relative benefits, the market for advisors and other finance professionals is still alive and well.
The problem with automatic investment
One might presume that bots are not as effective as they say - that the metrics they use to devise the best investment strategies is somehow flawed or incomplete. While they are far from perfect - nothing exists, so far, that can consistently and accurately predict market changes - they still do a pretty good job of making the right choices for investors.
The problem, according to Wired, lies with the investors themselves.
"[With robo-advising services], there's a danger for investors to panic and do something that may not be in their best interest," Aite Group senior analyst Sophie Schmitt told Wired, "which is selling right away."
"Inexperienced investors can make rash decisions, panic and sell their assets."
In other words, without the stability and trust a good financial advisor provides, inexperienced investors make rash decisions, panic and sell their assets. The robot services act in the interest of long-term investment, in which ups and downs are part of the natural progression. Riding the course is the best bet, but investors are emotional.
"If reading lines of text could allay the effects of human emotion, everyone would be a pretty great investor." Morningstar equity analyst Michael Wong explained to Wired. "Trust mainly comes when you build on a personal level not from a website."
There's also the issue of people who aren't in the stock market for long-term gains - though it's not the wisest investment move, some people would rather try high-risk, high-reward investments. Financial advisors can work with these individuals to mitigate risk while still seeking out assets that satisfy their criteria.
Job market for finance professionals expected to grow
As crises like the recent one in China and the global recession from 2008 remain fresh in investors' minds, it stands to reason professionals with the ability to alleviate those concerns will have no trouble finding work.
"In fact, the need for financial professionals across the spectrum tends to increase in times of economic uncertainty," explained Beacon Hill Financial Division Director Michael Pickens. "In 2002 and then again after 2008, increased regulation opened up the market for, among others, CPAs, auditors, and advisors. We continue to see the need for financial talent across the nation."
According to Quartz, the end of China's financial woes may still be a ways off. The Chinese government has made every effort to control its currency, the yuan, even as domestic liquidity becomes restricted. The source explained, "the government's grand plans to reduce its debt woes while preventing capital from flowing out may have the perverse effect of causing more of both."
The global market is only expanding and so is the market for financial industry experts.
Think Advisor ranked Financial Analyst as the second-fastest growing finance job from 2010 to 2020 with 23 percent employment increase in that time span. Personal financial advisor ranked No. 1 on that list, with plus-32 percent change.
"Driving that job growth are aging baby boomers seeking advice as they navigate retirement," the source stated. "Also, the decline in pension funds will compel younger workers to contact personal advisors."
It's important to note that, while financial advisors are likely to increase, so too are those automatic investment bots. The industries will likely need to find a middle ground - a way for each to complement the other and provide better overall services for investors. Ultimately, the role of advisors and similar professionals hinges upon the public's faith in the market as a whole. More investment is a good thing for the financial industry and they can help their own cause by providing top-notch service for their clients.
Ask any American citizen about the best areas to find a job and you might hear some big names: New York City, San Francisco or Boston, just to name a few. Those are certainly cities that deserve their notoriety, but they aren't necessarily the employment hotbeds many people make them out to be. There are many job opportunities in the big cities because there are many jobs - but there are also a lot of people with great credentials competing for those positions.
It also depends on the specific market - technology is trending right now, which is why a city like San Francisco has such a high reputation. But what are actually the best cities to go to for work? According to a survey from SmartAsset, the answers are metropolitan regions you may not have expected.
Utah cities prove to be valuable job markets
The survey, which examined the 355 largest metropolitan areas across the U.S. on a variety of metrics, scored three of Utah's metro regions in the top four best cities for career opportunities: Salt Lake City at No. 4, Logan at No. 2, and Provo at No. 1.
"The best cities for career growth are the ones that offer lucrative jobs in affordable markets."
Provo, in particular, offers a bounty of opportunity. It's a leader in the tech field as home to software company Novell, founded in 1979. Additionally, three privately-owned startups in Provo each have an estimated valuation of over $1 billion. But there are also two universities - Brigham Young University and Utah Valley University - and the highest job growth rate from 2014 to 2015 at 6.9 percent.
Ogden, UT rounded out the state's representation in the top 25, falling at No. 13. New York was the only other state with four cities in the top 25 - Buffalo (10), Rochester (17), Albany (19) and Ithaca (20).
The other side of a career opportunity
It's important to note that finding a job in the city is one thing, but being able to afford living there is another thing entirely. Those three big-name cities listed at the beginning of this article are also among most expensive real estate markets in the U.S. The best cities for career growth are the ones that offer lucrative jobs in affordable markets.
Real estate company Trulia studied the 100 largest U.S. metropolitan areas and ranked each in terms of its affordability. Those numbers revealed Ohio to be the most cost-friendly state, with Akron and Dayton ranking at Nos. 1 and 2, while Cleveland and Toledo came in at Nos. 7 and 8. Notably, Dayton ranked No. 5 on SmartAsset's list of the best cities to find a job. Ohio's affordability was driven by its low real estate market. For comparison, Akron's middle-class residents spend an average of 28.9 percent of their income on housing, commuting and utilities, while San Francisco middle-class residents - who live in the nation's least affordable city - spend 85.5 percent of their income on those same items.
It's difficult to say that one job market is more valuable than another. Even in San Francisco, there are unique opportunities and amenities that in many ways justify the cost of living. However, these lists do suggest that job seekers might find what they're looking for in some of the less-trendy metros across the country.
New York City, for all of it's associations, is rarely cited when listing the top tech centers in the U.S. Not to say there are no tech-savvy minds and businesses in the Big Apple, but rather, cities like San Francisco, Austin, Houston and Cambridge, MA often get more of the limelight. But New York City doesn't tend to stay out of the limelight for long. The largest city in the U.S. is beginning to get some attention from the tech crowd, who think New York's Silicon Alley is not far behind San Francisco's Silicon Valley.
Tech jobs could revitalize NYC
As in many cities across the country, New York City is suffering from an income divide. The widening gap between those living at or below minimum wage and those earning six-figure salaries is exacerbated by the paucity of decent-paying positions available to job seekers without a Master's or Doctorate degree. However, individuals with undergraduate degrees in technology who can find employment in New York City could form the backbone of a new, resilient and robust middle class, according to the New York University report "New York City: The Great Reset."
The reports showed that computer and mathematical occupations have increased by roughly 15 percent in the last five years and are just above national average in terms of strength. However, jobs involving science, architecture and engineering skills are stagnant and significantly weaker than the national average. New York City's new initiatives to improve computer science education in public schools will create a ripple effect across all of these occupations, bolstering some while hopefully revitalizing the weaker markets.
NYC Mayor pushes computer science education
Mayor Bill de Blasio has announced a 10-year deadline for New York City public schools to offer computer science to all of its students, reported The New York Times. As it stands, only 10 percent of schools in the city offer computer science and a mere 1 percent actually participate. So far, Chicago and San Francisco are the only other cities to commit to citywide computer science education. New York City anticipates it will spend $81 million over the ten-year period.
"I think there is acknowledgment that we need our students better prepared for these jobs and to address equity and diversity within the sector, as well," Gabrielle Fialkoff, the director of the city's Office of Strategic Partnerships, told The New York Times.
As those students graduate and pursue careers, there's a good chance many more of them will choose a computer science-based occupation. Those jobs should improve an already-diverse and resilient New York City market.
Given the wealth of resources New York City has at its disposal - not to mention the attraction of the bright lights and the big city - it should come as no surprise that tech startups are attracted to the Big Apple. As they say, if you can make it there, you can make it anywhere. A thriving tech scene in New York City would solidify the growing industry as one that's here to stay.
When it comes to innovation and technology, the greater Boston area has certainly carved out its share of the market. But neighboring Cambridge, which often gets paired with Boston, may have the advantage. Home to Harvard University and Massachusetts Institute of Technology - along with other universities - Cambridge also boasts an ever-growing stable of biotech and pharmaceutical companies. If recent news is any indication, there is no sign the city will relinquish its position as an industry leader anytime soon.
Cambridge remains king in the biotech sphere
There is perhaps no group of people better suited to assessing the health of the biotech industry in Cambridge than industry executives in the state of Massachusetts. To that point, biotech and pharmaceutical executives and insiders gathered at RealShare Boston 2015 conference at the Omni Parker House in late July. By and large, they were impressed with the industry's growth and excited for its future, reported the Worcester Telegram.
"What is amazing to me is that there is still space left in Cambridge for other companies," Phil Plottel, ARIAD Pharmaceutical's senior director of global real estate and facilities, told the Telegram. "Yes, it's been difficult to find space, but the big bio-pharma coming has made it a much bigger pod. I think that is the big impact and I think what you're going to start seeing in the rest of the state is the impact it has on the overall pod."
Such strength is also beneficial for other industries, noted William Harris, regional practice leader for science and technology at Perkins and Will. His clients are pleased with the "network of attorneys, of accountants, of bankers, of that kind of consultant and support team that understands the market." Similarly, the high biotech activity aids surrounding towns like Waltham and Marlborough. That makes the entire area a destination for employers and industry professionals alike. Indeed, 15 of the top 20 bio-pharmaceutical companies worldwide have a physical presence in the Bay State.
"We're seeing firsthand the positive impact this growth is having on the job market right now," says Liz Davies, who directs the Pharma division at Beacon Hill Staffing Group. "While Kendall Square remains the epicenter for bio-pharma, Metro West is experiencing an impressive expansion as well. It is certainly an exciting time for career growth in Massachusetts."
"Life sciences have been a presence in Cambridge for decades."
Kendall Square at the epicenter of life sciences
The MIT campus is located in the Kendall Square area in Cambridge, just across the Charles River from Massachusetts General Hospital, and is surrounded by biotech and pharma companies. Life sciences have been a presence in the city for decades and Kendall Square is the center of it all. But the area only recently underwent a different type of revitalization.
In the 1990's and 2000's, more and more biotech firms started calling Cambridge and Kendall Square home, reported Technology Review. But beyond the surrounding area, there was little else to draw professionals to the center of the bio-pharmaceutical expansion. However, individuals like former MIT president Susan Hockfield envisioned a livelier Kendall Square, complete with amenities that would not only keep employees in the area after they got out of work at the pharmaceutical company. With a thriving downtown and an influx of housing, Kendall could live up to its potential.
"I see Kendall Square as being the heartbeat for innovation and technology in the state," Katie Stebbins, Massachusetts's assistant secretary of innovation, technology, and entrepreneurship, told Technology Review. "The incubator effect Kendall Square is having on the suburbs and cities around it is a positive for the region."
Kendall Square and the city at large are great examples of how culture can influence commerce and vice versa. The biotech firms alone are enough to attract businesses and professionals, but the amenities, location and quality of life are what keep them there. By providing plenty of opportunity for residents, the area will also encourage innovation and collaboration better than regions that are simply there to support an industry and nothing else.
As the saying goes, everything's bigger in Texas. It turns out jobs growth is no exception. Since the beginning of the Great Recession, North Dakota is the only state with a higher percentage of jobs growth as of May 2014 compared with the beginning of the crisis in January 2008, according to NPR. And at 21.2 percent growth, North Dakota dwarfs all other states, leading Texas (8.4 percent growth) by a healthy margin. However, the significant difference in population between the two states underscores the remarkable nature of Texas' recovery.
The reason for that growth, according to Pia M. Orrenius, an economist at the Federal Reserve Bank of Dallas, is the oil and gas industry. Strength in those markets creates opportunities in other sectors. But Texas is no one-trick pony - in Dallas, job growth is strong across the board.
"In Dallas, job growth is strong across the board."
Businesses thrive in Dallas-Fort Worth
Dallas is a great place to be a small business owner, according to the Paychex/IHS Small Business Jobs Index released at the beginning of July 2015. For the ninth straight month, Dallas led the list of the top performing large cities in the U.S. In June, the city was the only one with a score of over 104 points, beating second-place Detroit by almost a full point. Texas as a whole also ranked well in the statewide counterpart, coming in fourth place with a rating of just under 102.
The Paychex/IHS report wasn't the only source that found Dallas to be a premier spot for business. Forbes ranked the city third on its Best Cities for Jobs 2015 list. Forbes deemed Dallas an "opportunity city" - a metro area where housing prices are relatively low but the job market is strong. Those conditions will drive job seekers to those successful small businesses alluded to in the Paychex/IHS report.
"The DFW Metroplex has seen some significant growth in the last several years in all sectors," says Beacon Hill Technologies Regional Director Troy Steele. "The growth only seems to be accelerating as several major employers are moving to the area. Toyota, Fidelity, Liberty Mutual, FedEx and State Farm, to name a few, all have plans to add over 1,000 jobs apiece to the Dallas Fort Worth area…It is a great time to be looking for a job in Dallas."
Dallas has been in the top 10 in population growth since 2000, which could point to people recognizing the opportunities there. Overall employment has risen 15.7 percent since 2009, including 18.6 percent in professional business services.
Stronger energy market bodes well for Dallas economy
Earlier in the year, the oil industry underwent a massive slide in prices that damaged energy providers all over the world, including here in the U.S. But as prices stabilized, so too did the market. According to The Wall Street Journal, even though oil prices are still down around $50 a barrel, stability is the key factor. The steadying market will lead to increased confidence and more capital spending among businesses.
Additionally, the Federal Reserve Bank of Dallas said Texas manufacturers' new orders index rose from minus 10.3 in January to 0.7 in June. A positive number represents orders growth and it was the first such growth in the index since December. As many of these manufacturers work closely with energy providers, that progress could be a sign more job opportunities in the area yet to come.
The human resource department plays a much larger role than most people realize, as it's an industry that folds into all others. Every organization needs an HR department to function optimally, just as it does a legal team - the difference being, most companies don't rely on an external firm to accomplish their HR needs.
As the U.S. economy goes, so too goes the HR sector. In the years following the Recession, the American economy has slowly but steadily progressed, opening up opportunities for employment across sectors, including HR. Now, hiring conditions are as good as they've been in recent years, which bodes well for candidates looking for opportunities in strong HR departments. While it's a candidates' market, employers can still capitalize on the talent that is available by taking the right steps.
To gain a better perspective on this trend, Beacon Hill Staffing's HR Division Director, Kate Harris, weighed in.
"As the U.S. economy goes, so too goes the HR sector."
The many facets of the HR team
The HR umbrella is a broad one - and each person within the department has more than one responsibility. When candidates look into a new position, the titles can vary. A specific position at one company may be something entirely different at another. However, one thing has remained constant: The need for organizations to bring in the best talent.
"I would say talent acquisition across the board [is what employers are looking for] - everyone's looking for good recruiters, people who have recruiting strategy and recruiting branding experience to help companies land great talent," Harris explained. "The other thing we see a lot of are HR business partner roles, where you're serving as an internal consultant for a specific business unit or group of business units and helping them leverage their talent."
This breadth of positions means there are more companies looking for talent than there are talented HR professionals available. Many candidates have received multiple offers and have their pick of where they'd like to go. Considering that new industries can emerge in a short time - like tech in Boston and San Francisco - positions in HR open faster than companies can fill them.
"It doesn't seem to be slowing any time soon," Harris said, regarding the growing number of HR job openings. "In Boston, given the volume of startup tech-driven and pharmaceutical-driven companies taking off right now, I anticipate the market will continue to be really hot."
It's all about the right fit
Though HR spans all sectors of the job market, candidates don't necessarily seek employment based on the industry as much they just want the right opportunity. If a position opens up that checks all the right boxes - regardless of the industry - Harris recommends her clients go for it. In addition, she tells them to not only consider the benefits package and pay, but where they could envision themselves staying for several years, where they might be able to grow and where they think they would be happy. If a company isn't the right fit, she explained, those benefits start to lose their luster.
"Ask good questions," Harris suggests, "so they have a really good understanding of what the expectations are from the client, where the manager sees their career going, and really making sure they have all the information."
On the other side, employers who strike out on their ideal candidate should keep an open mind and remain flexible. When there are more jobs than there is talent, it's important for organizations to have the ability to accept someone who doesn't necessarily fit their exact criteria. There are talented candidates available with, perhaps, a bit less experience than would be ideal - but that doesn't mean they won't work out. Again, on the employer side, fit is the ultimate goal. If a company can't find the HR professional it needs, it might be better off finding one who is almost there and developing that person as necessary.
This content brought to you by the Marketing Team at Beacon Hill Staffing Group.
Chicago has positioned itself as a major destination for organizations and professionals seeking to take their success to the next level. The draw of the Windy City is evident - few metropolitan areas in the U.S. have the same combination of size, opportunity, culture and aesthetic appeal as Illinois' largest city. Chicago is commonly compared to New York City, except the streets are cleaner and the people are friendlier - what's not to like?
In part one of this two-part series, our own analysts in the Associates and Technology sectors offered their insights into why Chicago's job market is trending. For both verticals, the outlook is positive. At the Associates level, there is an array of opportunities across industries. Employers can find experienced professionals for more advanced positions but also attract new job seekers for temp-to-perm postings. The Tech scene is strong nationwide, and Chicago is no exception - talented individuals are looking for offers from Chicago IT departments.
As it turns out, things are looking up for the jewel of the Midwest in three other sectors, as well.
Legal industry gains ground after financial crisis
After the U.S. economy took a major hit back in the recession of 2007 to 2009, the legal sector was among the industries that suffered the most damage. Whenever transactions are taking place - people are spending money, companies and corporations are taking on staff and making investments, and so on, the legal industry does well. It is a direct result of a strong economy. So when the market fell into the doldrums, the legal sector fell with it.
"The legal sector has gained momentum and is moving in the right direction."
But now, there's reason for optimism. Ann Eisenreich, Legal Division Director at Beacon Hill's Chicago office, pointed out that although the field has not gotten back to pre-recession levels, it has gained momentum and is moving in the right direction.
"Legal is probably slower in growth than other markets, just because of the hit it took in 2007, 2008 and 2009," Eisenreich explained. "But transactional pieces are definitely picking up, corporate roles, commercial real estate roles ... when the economy is good, that's when legal transaction roles also rise."
For those seeking employment in the legal scene, there are growing opportunities - and not just in the major law firms. Much like the IT space, many organizations are building their own in-house legal teams to handle their own needs rather than hiring an independent firm. Eisenreich estimated for every job seeker there are between five and 10 jobs available. These openings run the gamut from litigations and paralegals to intellectual property experts.
Still, there are a range of law firms - large, small and mid-sized - looking for the best available talent. Firms like Baker & McKenzie and Kirkland & Ellis are both headquartered in Chicago and are among the top 10 biggest law firms in the world (at numbers one and 10, respectively), according to The American Lawyer. Furthermore, 17 of the nation's 250 largest law firms are based in the Second City. But law firms of all sizes attract candidates, depending on their focus and opportunities.
Research and development boosts pharmaceutical sector
Like the other industries mentioned thus far, Chicago pharma sector has also taken steps forward since the recession - though it's not the same industry now as it was then. However, Ryan Pirnat, the Managing Director for Beacon Hill Staffing's pharma division, believes the industry is doing about as well now as ever.
"It's different now than it was back in the '06, '07 timeframe, but that's the busiest I ever remember it and it's that busy right now," Pirnat offered. "For our space, research and development within pharmaceutical devices is very busy - which is good for us."
Part of the reason hiring has remained strong within the sector is that the large pharma companies will always hire - they aren't as affected by the market as other industries. But what really marks a healthy pharma scene is that the small companies are also hiring now - the startup scene is blossoming in Chicago.
"There are just so many startups in our space, which means money is being invested heavily," Pirnat continued. "It's a great time to be a candidate in the marketplace because they have a lot of different options available to them."
It isn't only pharma candidates who have benefited from the strong industry. Pharma companies are getting better at planning for what they need over the course of the entire research and development process - which routinely clock in at 20-year investments. Over that time, these organizations rely on both outsourced and in-house staff and resources. Typically, the largest of these companies exist on the outskirts of the city, but smaller startups have taken to the downtown area to utilize a different demographic.
Like any industry, the best fit for company and candidate will depend upon what traits each one is looking for. Fortunately, there is enough diversity on both sides to allow these partnerships to flourish.
Chicago finance as strong as ever
While the nation's third-largest city has a diverse array of industries, finance is one of its most recognizable. Chicago continues to attract finance talent, but not just because it has a booming finance district in The Loop. Michael Pickens, Finance Division Director for Beacon Hill Staffing, pointed out that Chicago is a "magnet for the Midwest." People are drawn to the culture, food and lifestyle.
"People are drawn by the culture, food and lifestyle."
"In the past, a kid who grows up in Michigan or Iowa and graduates from college is probably going to move to Chicago," Pickens explained. "What's shifting is that now we have finance grads from Texas saying, 'New York or Chicago?' So they can pay $3,000 for an apartment in New York, or choose Chicago and get a similar appeal for lower cost of living."
Having said that, the finance sector cannot be overlooked. The industry was able to weather the storm during the last recession from 2007 to 2009 better than other industries. Some positions, like those in financial analysis, were difficult to staff during that time - organizations were focusing less on the future and more on the present. But in the aftermath, employers are planning for growth and hiring with that in mind.
Technological advancements have also had some impact on the finance sector, but it hasn't forced jobs out. Rather, candidates have had to adjust their skill set to accommodate new developments, like enterprise resource planning. Similarly, employers are learning to accept young professionals with varied experience and backgrounds.
"Employers think they need XYZ, when really they only need XY," explained Joanna Foulk, Managing Finance Director for Beacon Hill Staffing. She also pointed out that candidates increasingly seek work-life balance and won't be wooed just with salary and benefits. Employers would be well served to remember that.
However, job seekers might also benefit from flexibility, according to Foulk. College graduates take their finance or accounting degree to Chicago and envision joining a huge organization or firm, but they might be better off examining small or mid-sized companies. Every business needs an accountant and these roles and organizations are necessary stepping stones on career path.
Foulk is optimistic that Chicago will remain a destination for professionals at all levels. Even during the recession, the Windy City fared better than most - it was never a depressing place to be, in her experience. Now, as the job market improves across industries, Chicago is attracting individuals and businesses looking to progress. As it stands, the city is one of the best job markets in the country and is poised to take additional steps forward.
But even beyond the jobs scene, the Second City offers a livable culture for those who make it their home. That's why so many are flocking to the shores of Lake Michigan - Chicago has the jobs to bring people there and the culture to keep them.
This content brought to you by the Marketing Team at Beacon Hill Staffing Group.
As the country's third-most populous city, it's no surprise the Chicago has a bounty of employment opportunities that can benefit both companies and job seekers. But even considering its great size, the Windy City scores impressively high marks in nearly every employment sector. Along with an ideal location, world-famous culture and a variety of attractions, Chicago is an excellent city for prospective employees to take the next step in their careers and for organizations to connect with the right talent.
While some sectors are performing better than others, one thing the experts all agree on is this: Chicago is trending up. It would be a stretch to say hiring activity has reached pre-Recession levels, but in some cases, the market is as active as its been in years. At worst, employment is slowly and steadily gaining momentum.
"Experts agree: Chicago is trending up."
That environment also means it's a good time to be a Chicago recruiting agency. Staffing professionals from five sectors weighed in on the recent trends within their areas and provided insight on the hiring market in Illinois' largest city. In part 1 of this 2-part series, our own industry experts in Associates and Technologies staffing commented on the strength of their respective sectors.
Opportunities abound at the entry level and beyond
The beauty of departmental support positions lies in the range of industries available. The jobs are no longer just administrative - they can take the form of anything from office service to marketing coordinator and more. In a city as large and diverse as Chicago, there are ample opportunities for positions like these.
As Liz Pirrie, Associates Division Director at Beacon Hill Staffing's Chicago office, pointed out, "Every industry is growing intensely."
In general, these positions exist for entry level candidates ranging up to around eight years of experience. But that doesn't mean only young professionals need apply - applicants from all age groups can find work in the associates sector, especially those changing industries or moving from a different location.
"We see a lot of relocation to Chicago, from everywhere," Pirrie explained, "for two main reasons: either they want to move to the big city from smaller towns, or because they hear the people in Chicago are just so nice."
Whatever the reason, those who do end up seeking employment in Chicago can rest assured something will come their way. Contrary to popular belief, in some cases it helps to be an experienced professional changing industries, while in other cases it's advantageous to be a recent college grad with a few internships under the belt. That's because many organizations seek temp-to-perm hires, for which young people just entering the workforce are ideally suited.
That aside, Pirrie's number one piece of advice for both employers and job-seekers was to keep an open mind. Applicants must consider a variety of jobs and titles, while it's on employers to prioritize potential over experience.
Chicago's tech scene heats up
Across the U.S., information technology is a hot commodity. Historically, the tech hub was centered in San Francisco, California and Austin, Texas. But now the industry has spread across the country, and Chicago is poised to stake its claim as a national leader for IT.
Chicago Mayor Rahm Emanuel recently announced that 16 of the city's most promising tech organizations committed to hiring a total of 1,000 new employees through the end of 2015, according to Built In Chicago.
"The commitment by these companies speaks to Chicago's growing strength as a hub for the high-paying, high-skilled jobs of the 21st century and will help to ensure that residents in every neighborhood can participate in our growing tech economy," Mayor Emanuel said in a statement. "These companies see the educated workforce we have today ... to build a great tech workforce for tomorrow."
"Applicants should find the right match with a business on a cultural and personal level."
Brian Pelligrini, Beacon Hill Staffing's Regional Vice President for the Midwest, sees promise as well.
"There's no doubt in my mind Chicago will be the number one market in three years," Pelligrini asserted. "We're less than 2 percent unemployment right here as far as IT goes."
Pelligrini acknowledged it's a candidate's market, but was optimistic that companies can do more to shift the balance. It comes down to branding - placing more emphasis on their culture and selling their organization better. In many cases, these companies are quite similar to one another. The ones that can create a degree of separation will have an inside track to the top talent.
With that said, Chicago has a wide range of organizations with their own IT departments. Some huge organizations like Kraft will certainly attract talented workers, but there is a dense mid-sized section with plenty of room for growth. Those conditions also provide opportunities for IT workers or all different experience levels, ranging from PC technicians all the way up to developers and project managers.
When it comes to IT talent, the Windy City is an excellent place to seek employment. But only a few years ago, the recession made it difficult for anyone to find work across the country. Only recently is the job market beginning to approach those pre-recession levels. For that reason, Pelligrini recommends applicants find the right match with a business on a cultural and personal level, and invest time and energy in that partnership. Should another recession emerge, those relationships are going to help employees keep their jobs.
For now, America's third-largest city is attracting candidates from recent college grads to 10-year professionals, and for good reason. The city has the resources, attractions and opportunities to be a model of the job market on a national scale.
This content brought to you by the Marketing Team at Beacon Hill Staffing Group.
Philadelphia is on the rise. The City of Brotherly Love is now home to the largest percentage of Millennials of any major city in the country, in addition to billions of dollars in construction projects throughout the greater Philadelphia region, Philly.com reported.
But there is an area that most Philadelphia residents agree would propel their city into competition with other metropolitan areas around the world: creating more jobs, which encompasses boosting the population and attracting successful businesses to the region. And what better time to bring jobs growth into the fray than in the lead-up to the mayoral elections on May 19?
While Millennials are the largest demographic in the city, getting the group to vote in local elections is a tall order. But by focusing on the ways local politics can improve their employment opportunities and make Philadelphia a more attractive place to live, that massive electoral group could mobilize enough to make a difference.
"Getting Millennials to vote in local elections is a tall order."
Millennials on the outside of the political spectrum
One of the obstacles in attracting young voters to the polls is the idea that politics don't work - that the results are too vague and undefinable, according to Philly.com. Millennials are more interested in volunteering and working for non-profits, rather than pushing an agenda through the political machine. But sometimes, that avenue is the best way to impact the changes young people want seen.
"We want to encourage Millennials to get involved so city government takes our concerns seriously," Matthew Fontana vice chairman of the Millennial-centered political action committee Philly Set Go, told Philly.com. Fontana cited education, job growth, and quality of life in the city as those concerns.
Part of the problem, according to Fontana, is that younger folks are unlikely to enter the political system because they find it daunting. But Philly Set Go wants to help Millennials navigate the system so they can work in local government and gain a foothold in those politics. With about 27 percent of the city's population and little direct representation in office, Millennials may stand to gain immensely by working in government.
"There is a ton of opportunity for the hard-working millennials to come into Fortune 1000 companies and make a name for themselves," offered Bryan Mulhern, Division Director of Beacon Hill Financial in Philadelphia. "It is just a matter of showing them the advantage of doing so and working with them to build their careers."
Millennials make up the largest age group in Philly.
Philly to benefit from federal tech campaign
Millennials should look no further than the recently-launched TechHire initiative as proof that political motions can make a tangible impact. The Philadelphia Tribune reported that President Obama's tech-focused jobs campaign could cause an influx of technology opportunities in Philadelphia.
TechHire is an initiative that helps communities train individuals for lucrative IT jobs. The idea is that employers expand their hiring while federal funds grant more training for potential employees. Philly is one of 20 cities, states or communities that signed on to fill over 120,000 tech job positions. A coalition of major companies, city officials, non-profit groups and educators partnered to create PhIT for the Future, a program aimed at expanding the talent pool for IT employers. For their part, employers agreed to offer more paid internships and mentorship opportunities.
These opportunities are the result of a politically-based initiative - one that could land more Millennials in well-paying careers. It might also convince the younger age group that political involvement can work in their favor.
This content brought to you by the Marketing Team at Beacon Hill Staffing Group.
Of all the booming cities across the U.S., perhaps none is a better representation of national growth than Charlotte, North Carolina. The national jobs report showed employers added 295,000 jobs in February, reported Forbes. Charlotte was one of the cities that spurred that expansion.
"Charlotte is, by differing measurements, the first, second or third fastest growing city in America," Bob Morgan, head of the Charlotte Chamber of Commerce, told WSOC. "We're playing on a stage nationally and internationally unlike we've ever seen before, and our growth rate reflects the fact that more people are aware of Charlotte, and more people and companies are choosing to make it home."
With a growing jobs scene in finance and banking, a number of colleges and universities, and two pro sports teams - the NBA's Hornets and the NFL's Panthers - Charlotte has much to offer both employers and job seekers.
"Charlotte has undergone encouraging employment growth recently."
Charlotte employment gains across the board
There has been much ado about the renewed focus on the city center as America's breadwinner. A City Observatory study claimed that jobs are leaving the suburbs and moving back into urban centers. However, some of that data is misleading - according to The Week, nearly half of the 41 city centers referenced in the study showed even or negative growth. In many of these cities, the periphery actually witnessed employment growth.
But in Charlotte, the urban center is humming right along.
From 2002 to 2011, Charlotte's employment opportunities increased by almost 1.5 percent annually. Charlotte suburbs did well too, growing by an average 1 percent per year during the same period.
All of this means that there may be no accurate way to trend employment movement across the U.S. at large - perhaps the jobs market is best understood on a case-by-case basis. In the case of Charlotte, the pattern is not difficult to understand: jobs are moving into the downtown area, and into the suburbs, too. It could be Charlotte's sprawling layout that encourages even growth in the urban center as well as the periphery.
"The growth within Charlotte has been extraordinary," observed Eric Felice, Division Director of Beacon Hill Financial in Charlotte. "Between our established client base dramatically increasing their demand for talent and with the amount of new companies moving into our city and staffing up, the job market here is exploding. It is a great time to be working in Charlotte."
Wage growth starts to outdo inflation
In the aftermath of the Recession, jobs growth has taken small but definite steps back toward normal levels. But wages have remained stubbornly low, growing only through inflation, according to Charlotte Business Journal. However, a recent study from Duke University and CFO Magazine found that 70 percent of employers across the U.S. reported wages grew at a faster rate than inflation.
The results are significant. Much of the recent jobs growth has been misleading - low-wage opportunities replaced the midlevel jobs lost during the Recession. A pickup in wages is a sign that the nation's economy is normalizing.
"The first few years of recovery were 'jobless' and, even as job growth picked up over the past year, wages remained stagnant," John Graham, finance professor at Duke, explained to Charlotte Business Journal. "Finally, we are starting to see wage growth for employees that outstrips inflation."
As employment and wages increase nationwide, Charlotte serves as microcosm of the improving market.
This content brought to you by the Marketing Team at Beacon Hill Staffing Group.
A big-city feel - several professional sports teams - a thriving finance scene - sounds like New York City. Actually, these refer to Denver, Colorado. Employment in this mid-western city is on the rise - and the finance industry is among the greatest drivers of that growth, according to recent figures. With a number of amenities worthy of NYC and other major metropolitan areas, not to mention access to first-class skiing and hiking, Denver is shaping up to be a sought-after destination for both job seekers and employers.
"Denver is shaping up to be a sought-after destination for both job seekers and employers."
Colorado employment higher than expected in 2014
The statistics for Colorado's third quarter in 2014 got an upward revision recently, according to the state's Department of Labor and Employment. The amendment is not insignificant - the employment levels for June, July and August will get nearly a 7 percent boost. On the year, the new employment rate for Colorado will have increased by 3.3 percent.
Not every employment sector experienced the same adjustment - some were higher and others were lower. Financial services was one industry that helped lead the way for the new gains. The sector gained 3.3 percent, 4.9 percent, and 4.2 percent in June, July and August 2014, respectively. The revised numbers for the fourth quarter of 2014 are not yet available, but continued upward alterations are not out of reach.
"Denver is the place to be for business," said Michael Bates, Division Director of Beacon Hill Technologies in Denver. "With employment up 11 percent since 2010 and up 3 percent in 2014 alone, businesses of all types are opening doors, relocating and recognizing the value of having a presence in Colorado. Denver is no longer a well-kept secret."
More growth is on the way
These past revisions are encouraging, but they don't mean much without an accompanying projection for continued expansion. Fortunately, the Skills for Jobs report from the Colorado Department of Higher Education offers exactly those metrics. The analysis includes forecasts for growth among specific jobs in the period from 2013 to 2023.
Financial industry jobs appear up and down the list. Financial manager positions should increase by 28.2 percent in that time period, while accountants, auditors, credit analysts and financial analysts are all marked with over 30 percent growth. These positions require no more than a bachelor's degree and little additional training.
"This report helps connect the dots between our institutions of higher education and future workforce needs to ensure an aligned system that benefits the entire state," Lt. Governor Joe Garcia told the Denver Business Journal.
Denver takes the spotlight
While the above facts are statewide numbers that apply to Denver as well as other areas, Colorado's capital city is performing as well as or better than many of the other metropolitan areas. The Metro Denver Economic Development Corp.'s ninth annual Industry Cluster Study indicated nine out of 12 major industry segments experienced growth in 2014's third quarter. The investment and insurance sub-clusters within the financial services cluster were among the areas that posted jobs growth.
For the Denver metropolitan area, a diverse and even jobs scene will help stave off some of the recent economic difficulties posed by the recent oil price decline.
"In the 1980s, we were Coors, carbon and the Cold War," Metro EDC CEO Tom Clark told the Post. "That was about it. And now we have eight dynamic clusters, and the employment gains in those clusters have been extraordinary. We are in much better shape."
This content brought to you by the Marketing Team at Beacon Hill Staffing Group.
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