State Employment Performance — March 2019

Job growth at the state level churned along with only one state, Rhode Island, posting a decline, dropping a minimal 0.20 percent in the 12-months ending March 2019.  The table below shows all 50 states plus the District of Columbia.

Respective ranks of job growth among the 50 states and the District of Columbia as of March 2018 and 2019 along with the change of ranks in the prior 12-months are shown in the following table.   The Ranks Gain column shows the total improvement (or loss) in ranking of 12-month job growth rates.   Three states delivered major progress in job growth in the past 12 months: West Virginia rising from 42nd best to 4th best (moving up 38 ranks with job growth rising from 0.46 percent to 2.67 percent), Wyoming gaining 34 slots (job growth growing from 0.35 percent to 1.72 percent) and Alaska moving from the worst performer a year ago with a 0.61 percent job loss to a positive 0.95 percent – up 27 ranks.  Dropping the most in rankings were Oklahoma (down 23 ranks), Wisconsin  (dipping 21 slots) and Michigan (16 positions).

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.   These 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 Job Growth Index).  When using the Job Growth Index Rank for the four time periods, Nevada placed 1st ranking first in one, two and five-year gains, and fifth in 10 year performance.  Utah slipped to second overall, ranking second in one-, two and five- year job gains and first in the 10-year period.   Worst performers based on the Growth Index Score included:  Rhode Island 51st, North Dakota 50th, Louisiana 49th; Nebraska 48th and Hawaii 47th.

The last table includes all of the growth rates for the four differing periods, sorted alphabetically by state.

Jobs are everything.  Period.  Some states remain hot and others not.   Some are cooling and others warning.  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.

The two things that remain regarding job growth are change and diversity.

Ted

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