Showing posts with label fast growing states. Show all posts
Showing posts with label fast growing states. Show all posts

Tuesday, January 26, 2016

Georgia celebrates a strong 2015 job market, with the Atlanta metro area remaining the key to the state's future


Georgia ended 2015 with the 3rd fastest growing job market among the largest 11 states in the nation, those with a job market of 4 million or more nonfarm jobs, according to the U.S. Bureau of Labor Statistics.

Georgia posted a 2.2 percent rise in calendar year 2015 following only California and Florida, which each posted increases of 2.9 percent.

While Georgia added only 3,300 jobs in December, it averaged nearly 7,600 new jobs each month over the past year for a total of 91,100 net new jobs.  In contrast, California added the most new positions among the 50 states in 2015 at 459,400, followed by Florida, which added 233,100 new jobs.

Of the 11 largest states, only Illinois showed a decrease with a net loss of 3,000 jobs over the year.

Together, the 11 largest states accounted for more than 55 percent of the nation’s new jobs (1,459,900 compared to 2,650,000 nonfarm jobs nationally) with a combined job creation rate of 1.9 percent, equal to the nation’s rate.

5-year recovery from recession

Georgia nonfarm jobs, 2000 - 2015, seasonally adjusted
Despite a slow rebound from the 2007-2009 recession, Georgia has rapidly added jobs over the past three years resulting in a five-year growth spurt of 441,800 jobs. This has resulted in an 11.4 percent rise in its nonfarm employment and places it 4th among the fastest growing large states in the nation.

Other large states with significant five-year growth rates include California (14.2 percent), Texas (14.1 percent), and Florida (13.9 percent).

Large states have been significantly outperforming states with smaller populations since the end of the recession. Since the end of 2010, the 11 largest states have captured 60 percent of the net new nonfarm jobs in the nation.

Atlanta remains a key component of Georgia’s job engine

In 2015, the Atlanta metro area added 77,000 of the state’s 91,100 net new jobs, accounting for 84.5 percent of the state’s growth even as the area is home to approximately 60 percent of the state’s total nonfarm jobs.

Since the end of 2010, the Atlanta metro area has seen the addition of 338,200 jobs, which represents more than 75 percent of all the new jobs in the state.

A good example of the importance of the metro area to the state is in December’s numbers, where the Atlanta metro area’s 200 job decline resulted in a slowdown in the state’s job growth to only 3,300 net new jobs. Without a robust Atlanta economy, the rest of the state cannot maintain job growth by itself.

The drop-off in the Atlanta job market last month was the first time the area had noted a job decrease in a December since 2009.