Hottest Job Markets — WSJ and Moody’s Study — How Does Providence Rank
Monday, April 25, 2022
A new study from the Wall Street Journal and Moody’s identifies the cities in the United States that have the hottest job markets.
“The hottest job markets in America are in five different states, but they have a lot in common. They’re in midsize cities, all with a population under 2.3 million. They’re in states with fairly low-income taxes, or none at all. And their climates allow for outdoor activities all year round,” according to the report.
The five hottest cities are Austin, Texas; Nashville, Tenn.; Raleigh, N.C.; Salt Lake City; and Jacksonville, Fla.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe study ranked 55 cities.
“All of the top five cities are home to large universities, state capitals or high-tech employers. Florida, Texas and Tennessee have no personal state income tax, while North Carolina and Utah have income and corporate tax rates of roughly 5% or less.,” writes the WSJ.
How Does Providence Rank
Overall, Providence ranks in the bottom half of the cities measured coming in at 30th, tied with Las Vegas, Nevada and Cincinnati, Ohio.
The Providence-metro area ranks only second to #9 Boston, Massachusetts in New England.
Consistently ranking poorly are America's biggest cities -- San Francisco ranks #35, Chicago #40, and New York City #41.
Methodology: The Wall Street Journal’s ranking is based on five attributes: average unemployment rate in 2021; labor-force participation rate in 2021; the change in the average monthly employment and labor-force levels in 2021 from a year earlier; and the change in average weekly wages, not adjusted for inflation, in the first half of 2021 from the first half of 2020, reflecting the latest available wage data. Areas were scored by the highest average ranking among the five categories. Rankings were split between areas with under one million people and over one million people.
Source: Moody’s Analytics analysis of Labor Department data
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