Jobs are everything to the economy. Period. Good news is that positive job growth was registered in all 50 states for the 12-months ending April 2019 as shown in the following table. Nevada, the top job growth state, had more than double the 1.76 percent growth rate of the U.S.
In the past 12-months the respective ranks of job growth among the 50 states and the District of Columbia have changed significantly. 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 positive progress in job growth in the past 12 months:
- South Dakota jumped from 47th position a year ago to 5th best – a gain or 42 ranks
- Alaska moved up from last position (51st) to 16th best, an improvement of 35 positions
- Vermont rose from 49th to 25th, up 24 ranks
Largest declines in job growth ranks included:
- District of Columbia plunging 31 ranks from 18th best a year ago to 49th as of April
- Maine moved from 21st to 48th (a loss of 27 positons)
- Delaware sunk from 19th to 37th
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 3rd in 10 year performance. Utah ranked second overall, placing 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: Louisiana 51st, Nebraska 50th, District of Columbia 49th; Maine 48th and Wisconsin 47th.
The next table includes all of the growth rates for the four differing periods, sorted alphabetically by state.
The final table is sorted on total net-new job gains in the 12 months ending April 2019 and includes the cumulative percentage of new jobs. The four states with the greatest number of jobs (California, Texas, New York and Florida) made up 32.4 percent of all U.S. jobs but accounted for 40.9 percent of all net-new job growth. The top-six job growth states created more than one-half (52.3 percent) of all U.S. job growth in the latest 12-months.
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.