Factors Which Determine a Good Job Market
Which state has the best job market? Before we discuss the answer to this question, we have to determine the factors for a good market. In other words, what defines a healthy job market in a particular city or state?
It is important to know there is not one magic answer. Instead, sources analyze all sorts of factors to make their decision of where the best job markets are. One top factor from sources such as MSNBC and The Wall Street Journal is unemployment rate. It is imperative to look for a state with a low unemployment rate, especially when compared to the national employment rate of nearly 10 percent. For example, Nebraska and North Dakota both have incredibly low unemployment rates of 4.6 and 4.2 percent, respectively (as of April 16, 2010, Bureau of Labor Statistics). Yet this is just one factor and doesn't necessarily mean you should pack up and move to either state tomorrow.
Another important factor is job creation. Look for a state that has created a plethora of jobs in your field over the past six months. You will see a tendency for job creation in and around city areas. For example, cities with large hospitals or research facilities create jobs.
Anywhere a major university is or many universities are, job creation is usually in abundance. These universities need all level jobs such as a receptionist, professor or biomedical researcher. It is a dual benefit to get a university job because you can receive free education while working there. It's a great opportunity to pursue a Bachelor's degree or continue onto higher education with a Master's or PhD.