Smart Money compiled a list of 5 states that have low unemployment and decent job outlooks as compared to the rest of the country.
Topping the list is Wyoming. Wyoming has a 3.4% unemployment rate, the lowest in the country, due to oil and gas exploration. It also boasts coal mining as one of its largest contributors to employment figures.
Texas is next.
The Lone Star state isn’t so lonely anymore. This low-tax, low-regulation, low-wage state, attracts plenty of businesses, says Cal State’s Bland. (Major employers include AT&T, Dell and ExxonMobil. The job opportunities and low cost of living help keep college students in Texas post-graduation, he says. The state is also home to three metropolitan areas that saw the biggest increase in employment in the country in 2008: Houston, Dallas and San Antonio (in that order). Austin came in fifth. Should the stimulus package pass, expect to see even more jobs in energy and infrastructure, says Milken’s DeVol.
The D.C. and Northern Virginia area falls in third. D.C. has a higher than average unemployment rate (at 8.8%), but when you put into consideration the metro area including northern Virginia cities Alexandria and Arlington the rate falls to 4.7%. The area benefits from government work and if the stimulus bill should pass, this area would benefit by the creation of government administrative jobs.
Utah is another on the list
Utah’s unemployment rate is the fifth lowest in the country at 4.3%. Graduates from its two most popular universities – Brigham Young University and the University of Utah – are launching start-up companies that develop medical devices and software, says DeVol. Some of the state’s largest employers include medical facility operator Intermountain Health Care and computer equipment maker Novell. The state could benefit from the stimulus’s planned increase in spending on health care, breeding opportunities for both nurses and those in information technology, says DeVol.
Oklahoma has its capital city to thank for its rank on the list.
Oklahoma’s employment outlook is a far cry from that of the Dust Bowl era. Known for producing and distributing wheat, corn and cotton, the state reaped some nice profits from its agricultural roots last year, says Bland. It was also helped by its exposure to the oil and natural gas industries. Not only that but the state’s capital, Oklahoma City, currently boasts a 4.6% unemployment rate, the lowest of all the larger metropolitan areas. Some of the state’s big employers include Devon Energy, Chesapeake Energy and utility company Oklahoma Gas & Electric, a unit of energy-services provider OGE Energy. The stimulus bill could add an extra jolt to the state’s energy sector, which could help create posts for engineers and technicians positions, says DeVol.