Jobs are everything to the economy. Period. Good news is that, for the second month in a row, positive job growth was registered in all 50 states for the 12-months ending May 2019 as shown in the following table. Nevada, the top job growth state at 4.00 percent, had more than two and one-half times the 1.58 percent growth rate of the U.S. for the same period.
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:
- Alaska jumped from 51st (last) position a year ago to 13th best – a gain of 38 ranks
- Wyoming and Vermont each improved by 29 positions: Wyoming up from 45th to 16th best with Vermont rising from 50th to 21st
Largest drops in job growth ranks included:
- Maine and West Virginia each dropping 28 ranks with Maine sinking from 22nd to 50th best and West Virginia sinking from 8th to 36th
- Delaware went from 15th to 39th (a loss of 24 positons)
- The District of Columbia dropped 23 ranks to 44th
- Oklahoma fell 21 slots to 38th
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 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 second in one-, two and five- year job gains and first in the 10-year period. Idaho was third ranking third in the 2-, 5-, and 10-year intervals and 5th 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, Iowa 48th and Rhode Island 47th.
The next table is sorted on total net-new job gains in the 12 months ending May 2019 and includes the cumulative percentage of new jobs. The four states with the greatest number of jobs included California (11.57%), Texas (8.46%), New York (6.48 percent( and Florida (5.95%). These states made up 32.5 percent of all U.S. jobs but accounted for 42.8 percent of all net-new job growth. The top-six job growth states created more than one-half (51.0 percent) of all U.S. job growth in the latest 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 May 2019. As 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.