Where Should You Move to Get a Great Job?

By Brandon Ott

 

Looks like Connecticut is the Biggest Loser and North Dakota is the Big Man on Campus. 

According to a recent Bureau of Economic Analysis report, 49 states recorded positive GDP growth in 2012.  That compares to overall U.S. GDP growth of 2.5%, slightly ahead of its even-paltrier 1.6% growth in 2011.  Leading the way was, to no one's surprise, North Dakota, which has experienced an unprecedented boom from shale oil and natural gas deposits.  Here are the top 6 states for growth:

  • North Dakota: 13.4%
  • Texas: 4.8%
  • Oregon: 3.9%
  • Washington: 3.6%
  • California: 3.5%
  • Minnesota: 3.5%

Not bad for the Left Coast and the oil and gas powerhouses!  North Dakota, according to an analysis done by 24/7 Wall Street, also leads the nation in both year-over-year population change--2.17%--and employment growth--3.02%.  Oil production is now six times higher than it was in 2007.  The average wage is North Dakota has soared by 50%, to an impressive $50,553 per year.  For the past several years, North Dakota's remarkably-low unemployment rate--3.3% in 2012--has been the lowest in the nation.  The oil boom, unexpected only 10 years ago, has pumped billions in local industries and government coffers, and presents the U.S. with its first real chance at 'energy independence.'  Quite impressive stuff.

Now, here are the worst states for growth, all with sub-1% numbers:

  • Connecticutt: -.1%
  • Delaware: .2%
  • Wyoming: .2%
  • New Mexico: .2%
  • South Dakota: .2%
  • Idaho: .4%
  • New Hampshire: .5%
  • Maine: .5%
  • D.C.: .7%

Clearly, a lot of factors are at play here given the geographic, economic and political diversity of these states. Specifically, Connecticut's sluggish post-recession expansion is a result of three factors: the decline in the financial services sector, an aggressive budget-cutting agenda in Hartford and a tepid recovery in housing, both in prices and construction jobs.  Only three states--Florida, Louisiana and Wisconsin--have seen a steeper decline in public sector jobs.  And to add to the pain, the BEA's analysis showed 2011's GDP actually shrank as well instead of the initial report of 2% growth.

Another factoid of note: Delaware had the highest per-capita GDP in the nation with $61,183 while Mississippi came in last with $28,944. 

If I were a freshman in college and I saw these numbers, my takeaway would be that I need to major in STEM degrees NOW so that I can take advantage of the changing American jobs scene.  Manufacturing has long been on the decline as have pensions, unions and other features of the mid-century, middle-class economy.  Majoring in the sciences is clearly the way to counteract these prevailing political and economic trends and re-create a lifestyle that so many of our parents and grandparents enjoyed.

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