Axioms are truths, and my primary Axiom is that Jobs Are Everything to an economy. Period. What kind of jobs are created or lost make a difference – not all jobs pay the same. Job growth, however, is not systemic across the country by state. Variability in job growth exists across all states at any point in time and also within the same state over a time period. 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
A recent Stewart Blog detailed the latest 12-months of job growth for all 50 states and the District of Columbia. The big change from a year ago was Wyoming moving up from the 40th best job growth rate across the U.S. for the 12-months ending November 2017, to ranking 3rd best as of November 2018.
Following is a model that you will see frequently in the future posted to the Stewart Blog – Jones on Real Estate. It focuses on the Employment Supersectors as defined by the U.S. Bureau of Labor Statistics. You will start seeing these tables for almost every place I have been or completed an economic analysis. Consider these future blogs the equivalent to Where is Waldo? – but called Where Has Ted Been?.
What makes Wyoming’s job growth different? The following table shows the comparison between the U.S. and Wyoming across the Employment Supersectors as of November 2018. [For a refined description of the major industries in each of the Supersectors click here to see the PDF.] While Mining and Logging employment (which includes oil and gas) makes up one-in-every 200 jobs nationwide (0.5 percent), in Wyoming that explodes to almost one-in-every 14 jobs (7.1 percent). Note the large differences in the percentage of total jobs between the U.S. and Wyoming across the Supersectors. Also included are the latest 12-month job growth rates. BIG differences are seen in Construction (Wyoming growing 15.4 percent in the past 12-months vs 3.9 percent for the U.S.) and Leisure and Hospitality (up 12.0 percent in Wyoming compared to 1.8 percent nationwide).
The next two tables detail Supersector Employment in Wyoming and the U.S. including changes in percentage of all jobs in each Supersector for the prior 12-months and past five-years.
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