According to Fact Check, since January 2009, unemployment has declined by 614,000, and the current overall unemployment rate is steady at around 5 percent, which is nearly 3 percent lower than seven years ago. Furthermore, as detailed by a recent report from the National Association for Business Economics, roughly 210,000 jobs are projected to be added to the market each month in the coming years. It's clear, therefore, that as we head into 2016, the economy is continuing its steady recovery, the job market is expanding and unemployment rates are down.
"Since January 2009, unemployment has declined by 614,000."
Job prospects across U.S.
Given the job market growth, 2016 could be the perfect time to hunt for a different position, or even start a new career. For many people, searching for a dream job involves looking beyond the local area to other cities across the country. And a recent survey from WalletHub has just made nationwide job hunting easier, by investigating some of the best and worst U.S. locations for work prospects.
The survey authors scrutinized data from 150 of the nation's most populated urban centers, and compared information from 17 metrics, such as employment growth and average number of position openings. These fell under two categories: Job Market and Socioeconomic Environment. The job market category was used to assess the overall state of job industry in the area, while the socioeconomic environment category took into account factors that impact a location's desirability, such as crime rates and transportation costs. Each city was then scored for each metric, receiving a number between 0-100, with 100 being the highest score. Averages were subsequently compiled to produce a list of the best and worst cities for job prospects across the country.
What did the survey reveal?
Researchers found that the city with the best overall prospects for job seekers is Plano, Texas - a suburb of Dallas. Additionally, two other Texan cities made the top four, with Austin placing at number three and Irving at number four. As detailed by the Society for Human Resources Management, Plano topped the list due to the number of corporate headquarters that can be found within city limits: The suburb is home to leading corporations such as Frito-lay and J.C. Penney.
"Plano is definitely in the midst of a corporate expansion," says Troy Steele, Regional Director of Beacon Hill Technologies in Dallas. "In the next year, FedEx is moving their regional headquarters to Plano, Liberty Mutual is moving 8,000 jobs here, and Toyota is relocating their entire North American headquarters. As a result, everywhere you look – construction is booming from housing to infrastructure to corporate offices."
In terms of socioeconomic statistics, Plano is relatively affluent and primarily populated by upwardly mobile professionals. It also boasts some of the most affordable housing in the nation. Furthermore, the city is a short trip from downtown Dallas, one of the Southwest's major metropolitan areas.
"In terms of livability and affordability, a lot of cities in Texas have distinct advantages," comments Justin Kuhn, Division Director of Beacon Hill Financial in Dallas. "Our favorable tax situation means that dollars can go further for businesses and individuals alike. Combined with low-cost real estate, companies are incentivized to move here en masse, like we've seen recently. As a destination for corporate headquarters, North Texas is also highly desirable as a centrally-located transportation hub."
In terms of cities with the highest number of job openings, Salt Lake City, Utah topped the list, with Cincinnati, Ohio following in second place. WalletHub's study also revealed that the city with the highest employment growth in recent years is Fort Lauderdale, Florida, closely trailed by San Bernardino, California. And for job seekers searching for lucrative salaries, Texas is the place to be. Houston topped the list with the highest monthly median salary, while Dallas followed closely behind in fifth place.
SHRM elaborated that cities with booming job markets tend to host successful engineering, technology and healthcare industries. The technology sector in particular is responsible for a large share of job creation.
This content brought to you by the Marketing Team at Beacon Hill Staffing Group.