Jobs are everything to the economy. Period.
Job growth, however, varies significantly across time and geographic locations. As usual, I invoke the TINSTAANREM axiom — There Is No Such Thing As A National Real Estate Market. Ditto job growth rates across all States and the District of Columbia at any point in time.
The first table shows 12-month job growth rates for the 12-months ending November 2019. Utah not only is in first place, but has pulled away from the pack. Three states posted a decline in the total number of jobs in the past 12 months: Wyoming, Oklahoma and Vermont. Job growth rates were calculated using seasonally-adjusted employment data from the U.S. Bureau of Labor Statistics, THE source for all employment-related data for the country.
The next table shows the states producing the most net-new jobs. It also includes the percent of all U.S. jobs as of November 2019 in each state, the percent of all new jobs in the past 12-months by state, and the cumulative percentage of new jobs. The five states producing the most jobs – Texas, California, Florida, New York and North Carolina – produced more than one-half of all new jobs generated by the U.S. in the prior 12 months (50.6 percent) but made up just 35.6 percent of the total employed population. Texas was the big gainer, creating 15.7 percent of the all the new jobs in the prior 12-months but having just 8.5 percent of total jobs in the country. One-half the states combined, plus the District of Columbia, did not even contribute 20 percent of all new jobs.
The next table shows the states posting the best and worst changes in rankings between November 2018 and 2019. Most improved was Rhode Island, which jumped from 49th best (3rd worst) job growth rate in November 2018 to 9th best in 2019 – a gain of 40 positions. Worst performing were West Virginia and Wyoming, each slipping 38 ranks.
The final table shows job growth rates by state for the prior 12-month, two-year, five-year and 10-year intervals. In the past decade, Utah lapped most states turning in a whopping 34.6 percent job growth rate – the only state topping 30 percent. West Virginia was the lone state eroding jobs in the past 10-years, losing slightly more than 1 out of every 100 jobs statewide since November 2009.
Jobs are everything.
When an entire economy grows, likewise do all businesses. When they shrink, only the moving and relocation industry expands – though for only a relatively short period of time.