Jobs are everything to the economy. Period. Just one state, Louisiana, posted a decline in the total number of jobs year-over-year, down a miniscule 0.07 percent with a loss of 1,300 net jobs. Nevada grew jobs at a 3.30 percent pace once again topping state job growth at more than double the 1.54 percent nationwide level. Data are seasonally adjusted annualized rates as reported by the U.S. Bureau of Labor, Bureau of Labor Statistics.
Ranks of job growth among the 50 states and the District of Columbia continue to change. In the following table The Ranks Gain column shows the total improvement (or loss) in ranking of 12-month job growth rates for all 50 states and the District of Columbia.
Three states delivered major positive progress in job growth in the past 12 months, gaining more than 25 ranks:
- Wyoming jumped from 47th place a year ago to 9th best in June 2019, a gain of 38 positions
- Alaska improved from 50th to 19th, up 31 ranks
- Vermont moved up from last position to 22nd overall, a gain of 29 ranks
Largest drops in job growth ranks included:
- Michigan plunged from 18th to 45th, down 27 slots
- Oklahoma dropped from 20th to 41st down 21
- The District of Columbia also slid 21 ranks from 19th to 40th
The next table examines state job growth rates over an extended time period. In addition to the one-year job growth rate, it includes ranks of job growth for two-, five- and 10-years. The ranks (for the intervals of 1-, 2-, 5- and 10-years) were then summed (the Growth Index Score), with the lowest sum ranked the best overall indicating the top-job performance (the Growth Index Score). When using the Job Growth Index Score Rank for the four time periods, Nevada once again placed 1st ranking first in one, two and five-year gains, and 2nd in 10 year performance. Utah ranked second overall, placing fourth in 1-year job growth, second in two- and five- year job gains and first in the 10-year period. Idaho was third overall, ranking third in the 2-, and 5- intervals, 6th in 10-year interval and 8th best over 12-months. Each of the four growth intervals were equally weighted in the index calculation.
Worst performers based on the Growth Index Score included: Louisiana 51st, Connecticut 50th, Maine 49th, Maryland 48th, Alaska 47th and Iowa 46th.
The next table is sorted on total net-new job gains in the 12 months ending June 2019 and includes the cumulative percentage of new jobs for the U.S. overall. The four states with the greatest number of jobs included California (11.55%), Texas (8.47%), New York (5.94 percent) and Florida (6.47%). These states made up 32.4 percent of all U.S. jobs but accounted for 44.0 percent of all net-new job growth. The top-six job growth states created more than one-half (52.2 percent) of all U.S. job growth in the latest 12-months. While Texas makes up 8.47 percent of all jobs in the U.S., the Lone Star state accounted for 14.96 percent of all new jobs created in the past 12 months.
The last table details the latest 12-month job growth rate and number of net-new jobs along with the total number of jobs per state (thousands) as of June 2019. Also included are the job growth rates for the past 2-, 5- and 10 years.
Jobs are everything. Period. Some states remain hot and others not. As usual, I invoke the TINSTAANREM axiom — There Is No Such Thing As A National Real Estate Market or a National Economy. The same is true regarding job growth. Things Change.