With the unemployment rate at 3.7% and many businesses desperate to hire workers, the personal-finance website WalletHub released its report on 2022’s Best & Worst States for Jobs
To ease the process of finding employment for job seekers, WalletHub compared the 50 states across 35 key indicators of job-market strength, opportunity,,, and economic vitality. The data set ranges from employment growth to median annual income to average commute time.
For example: Finding a Job in California (1=Best; 25=Avg.):
- 42nd – Job Opportunities
- 1st – Employment Growth
- 25th – Monthly Average Starting Salary
- 30th – Unemployment Rate
- 33rd – Median Annual Income (Adjusted for Cost of Living)
- 7th – Avg. Length of Work Week (in Hours)
- 46th – Avg. Commute Time (in Minutes)
- 12th – Job Satisfaction
- 12th – % of Residents 5+ Who Are Fully Vaccinated Against COVID-19
Fields Expected to Experience High Job Growth in Next Decade
“Areas of expected growth, that also provide good earnings potential, include medical professions below the level of the doctor, including physicians assistants and nurse practitioners down through lower-paying positions such as phlebotomists; jobs in clean energy, including wind and solar installation and maintenance; data scientists and statisticians; software developers, analysts, webpage creators, and maintainers; mental health counseling and other therapists, including physical therapists and athletic trainers,” according to Joyce Jacobsen, professor at Hobart, and William Smith Colleges; professor at Wesleyan University.
“The sectors in which the most growth is expected are healthcare, leisure and hospitality, advanced technology, data and information analysis, and alternative energy. Jobs that involve the provision of care and services for the elderly and infirm are like to grow considerably. Included among the specific jobs expecting growth are nurse practitioners, statisticians, health services managers, data analysts, and technicians working in alternative energy,” said Marick F. Masters, professor at Wayne State University.
What to From the Job Market in 2023
“I strongly expect the Federal Reserve’s tightening monetary policy to absorb much of the excess labor demand that our labor market is currently experiencing. Assuming only moderate increases in labor supply, I expect to see little impact on the unemployment rate but to see a larger impact on wage growth, as intended by the Fed. I do not expect to see major job losses unless there is a significant recession caused by over-tightening or external economic factors,” according to Joshua M. Congdon-Hohman, associate professor at the College of the Holy Cross.
“Short of a significant recession, we will likely see continued employment growth in some areas, such as health care and technology, although there could be some downturn in tech as a long-awaited shakedown regarding startups may occur (twitter layoffs), and continued instability in food services as restaurants struggle to find the right balance with continuing employment shortages and rising food costs,” Jacobsen said.
How Local Policymakers Can Help Diversify, Strengthen Local Economies
“There are three legs to the diversification stool. First, localities must have the requisite physical and human infrastructure, which includes sound transportation systems that offer accessible means of mobility, educational centers to tap for research and development, and safe communities. Second, local communities need to attract capital, by (a) signaling to financiers that they can be force multipliers, (b) ensuring access to distribution networks, product innovation and development, and communications systems that connect customers to producers and suppliers. Third, localities need to reduce the cost of business by streamlining government regulations, ensuring the public safety of workers, and promoting the micro-funding of promising start-ups,” Masters added.
“Though promotion through subsidizing relocation might have the most immediate results, investing in training facilities and the promotion of trades will be critical to offering a skilled labor market that meets the demands of advanced manufacturing and production. To increase the number of skilled tradespeople, policymakers can take a range of actions from promotional campaigns, to subsidizing educational opportunities, and loosening barriers to licensure,” Congdon-Hohman said.
For the full report visit here.