Nine Best Places to Job Hunt
Description
We're in the midst of a worldwide recession, but some cities are faring better than others. MoneyWatch.com crunches the employment numbers and speaks to labor market expert and Haas School of Business professor David Levine to help uncover the cities where finding work may be less of a struggle.
Transcript
Nine Best Places to Job Hunt
Sumi Das: Why men’s words. Today’s job market is miserable and every month the number of out of work Americans grows. Federal Reserve Chairman Ben Bernanke has said the unemployment rate will keep climbing until 2010. So perhaps you’ve decided to pull up stakes and move to where the money is. Well, there is no magic pot of gold but some places are in during the down turn better than others.
Based on employment and wage data, we’ve selected Job Havens in three categories, large cities, small to medium cities and international ones. The first step for job hunters is to visit the Bureau of Labors Statistics website and Moody’sEconomy.com. HAAS Business School David Levine is a labor market expert. He suggest researching unemployment rates in the cities you’re considering.
David Levine: Don’t pay a lot of attention to monthly changes but if you see over last year two employments going down a lot that’s probably not a good place to look at somewhere where employment is only gone down a little.
Sumi: Another important figure, projections on 10-year job growth. Professor Levine offers a couple more.
David: At the city wide level you can get data on average wages. In this recession it’s important to know the foreclosure rate. Places with a lot of foreclosures are probably not the places you want to look for a job.
Sumi: Using that criteria, Austin, Texas, Seattle, Washington and Houston, Texas are the best large cities for finding work. With corporate heavy weights, bowing Microsoft and Star bucks all cutting back. Seattle hasn’t been immune to layoffs. Austin’s tech firms are expected to take a hit too but both cities are experiencing job creation in the areas of alternative energy and green tag.
David: I think over the next few years, there will be a growth in clean technology. So if you’re a construction worker, it might be good to get very skilled and putting in insolation; if you’re a financial engineer maybe start working in carbon markets.
Sumi: The recession has also had a smaller impact on the health care sector.
David: It turns out unfortunate people still get sick. The good news for the employment side is they still need people to take care of them.
Sumi: Meaning Houston will probably be hiring. Its Texas medical center is the largest health care facility in the world. If you’d rather live in small to medium size city, Washington, D.C., Portsmouth, New Hampshire and Des Moines, Iowa are the best bets for job seekers.
David: The Federal government is growing its employment and that’s good news for people who have those skills and particularly if they’re located near Washington D.C.
Sumi: while many are scrimping with government is spending to help fuel the economy creating jobs in the process. The George Mason University Center for regional analysis forecast the addition of 38,000 jobs in Washington, D.C. in the coming years from government employees to lawyers and IT workers.
Portsmouth New Hampshire is attracting not only former Boston residence but its small PRTax and It consultant companies are are luring work from larger firms in bigger cities. Thanks to its revamp to downtown are, Des Moines Iowa has a healthy crop of financial firms that one is dependent on the real estate boom. In recent years, the city has welcomed 26,000 business service jobs.
Finally, for the globe traders, the best cities to find work abroad are Vancouver, British Columbia, Shanghai, China and Mumbai, India. Described by some as the Silicon Valley of Canada, Vancouver’s tech sector has expanded thanks to video game and fuel cell companies. It also ranks third in movie production behind Lost Angeles and New York. And then there are the Asian Giants, Shanghai and Mumbai.
David: China has a very big stimulus package and becoming—really seems to be helping there. India has never been as exposed to internal trade as most of Europe or even China and United States.
Sumi: China’s largest has a vast number of manufacturing, technology and R&D corporations. Intern those businesses have led to job growth and advertising and web development. India’s financial hub, Mumbai boasts 2 stock exchanges and 5 fortune 500 companies not to mention Bollywood calling all legal professionals, financial service workers and aspiring Hindi film starts.
While it’s tempting to relocate to a city that appears to have better job prospects, experts say moving can be an emotional and financial strain a decision not to be taken lightly.
Male: You’re most likely get a job from the network you already have. But in some parts of the country, the labor market is so depressed that’s probably worth thinking about where else you would fit in.
Sumi: For moneywatch.com, I'm Sumi Das.
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