10 states with the best jobs outlook
So, where are the jobs? Steven Cochrane, chief of Moody’s Analytics’ economic research team, told us in a recent interview which 10 states he expects to have the fastest jobs growth and which will be the 10 worst states for hiring. Moody’s analysts use data on payroll jobs, population growth, industry output, residential real estate and residents’ income and credit quality to forecast growth.
1. North Dakota
North Dakota’s red-hot oil economy has cooled a little, Cochrane says. But drilling, and industries that serve it — including refineries, rail transport, trucking, pipelines and housing construction — are still hiring.
State government is hiring, too, especially in education and infrastructure projects like roads, bridges and buildings.
2. Arizona
Arizona’s diverse economy is set to expand hiring in areas like technology, aerospace and related industries, the mortgage industry (including mortgage origination, call centers and regional headquarters), real estate and home construction industries.
“States hit very, very hard by housing boom and bust (like Arizona, Nevada, Florida and California) are now getting better,” Cochrane says.
3. Texas
“The recession in Texas was brief and shallow,” says Cochrane. “What that meant was household balance sheets were in better shape, there were fewer underwater homes, household wealth held steadier and consumer spending didn’t take as deep a dive.” State spending and hiring have been stable, too.
Texas will be adding jobs in oil and natural gas and related industries like transportation, refineries and the plastics plants located along the Gulf Coast, Moody’s says. More jobs also are expected in aerospace, high tech and the military. These industries mostly need skilled workers, Cochrane says. But the state’s economic strength should generate some unskilled construction jobs, too.
4. Colorado
Energy is a big employer in Colorado, which services industry and commerce throughout the West. Cochrane expects more jobs in the natural gas industry, particularly in the fields of engineering, business, accounting and technology.
Denver is a transportation hub for the Mountain West, so the railroads and airlines will be looking for skilled workers like pilots and engineers, as well as less-skilled workers like flight attendants and service employees.
5. Florida
The important travel and tourism industries are picking up as Florida’s economy recovers. “These are not high-paying jobs, but they are jobs,” Cochrane says. He expects jobs to be added in the corporate back-office operations, call centers and client service centers in Jacksonville and Tampa.
Florida’s housing market is growing again, at least at the upper end, and that will produce jobs in real estate and mortgage lending. Moody’s experts also expect the greater Miami region to add jobs in international trade, shipping and banking.
6. Georgia
Georgia is just now emerging from its deep recession. “I expect a fair amount of pent-up demand for business services,” Cochrane says. Atlanta, the business and transportation hub of the Southeast, should start growing in all kinds of ways, generating jobs for skilled workers and unskilled service workers.
7. South Carolina
In South Carolina, new jobs will show up in manufacturing, particularly in the automobile and auto-parts industries. These higher-paying jobs will go to workers who are skilled, or at least who are ready to be trained, Cochrane says. Jobs will grow, too, in the state’s important carpet industry and in housing, he adds.
8. Oregon
Cochrane expects this trendy Northwest state to add jobs in many areas, from health care and technology to education, manufacturing and at the seaport. Oregon’s vaunted lifestyle attracts corporate headquarters and business centers, which also should add staff.
9. Idaho
Forest products, once the center of the Northwest’s economy, play a smaller role, but now the sector is expected to hire in Idaho, which exports forest products to Asia. Moody’s forecasts more technology jobs in Boise, a tech center where Micron Technology is headquartered.
Idaho’s wild outdoors means new jobs in travel and tourism. “Anywhere that has a travel and tourism base should be growing next year as consumer spending picks up and people get up and travel,” Cochrane says.
10. Utah
Utah is expected to add jobs in technology, data warehousing, construction and tourism. Utah workers are young and highly educated, leading many industries to locate their headquarters and service centers in Salt Lake City and Provo.
Also, because many Utah workers have completed Mormon missions abroad, they possess foreign language skills attractive to banks and customer-support centers, Cochrane says.
The 10 worst
If you’re ready to pick up roots in search of a new job, keep in mind that not all states have rising economies. Moody’s Analytics forecasts the worst job growth in the following nine states and the District of Columbia. Starting with the worst (Washington, D.C.), the bottom 10 are:
The District of Columbia
Illinois
Maine
Vermont
New York
Alaska
Massachusetts
Tennessee
New Hampshire
New Mexico.
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link to finance.yahoo.com]
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