DALLAS, August 6, 2021 / PRNewswire / – ThinkWhy®, a DallasSaaS Company Based on Creating a New Generation of AI-Powered Labor Market Solutions, Released Its U.S. Labor Market Rankings Following Today’s Bureau of Labor Statistics Announcement according to which the US economy created 943,000 jobs in July.
1. Dallas-Fort Worth–Arlington, Texas
2. Phoenix–Mesa–Scottsdale, Arizona
3. Austin-Round Rock, TX
Job vacancies remain at record levels, with more than 9.2 million openings in the United States. Adding more complexity to hiring, the United States is experiencing a record number of employees leaving their jobs.
“The US job market is undergoing a major transition with several factors at play, including employee job change, the COVID-19 Delta variant, increased salary requirements and the delay in moving candidates throughout the job. recruitment and hiring process, ”said Jay denton, Chief Analyst for ThinkWhy, Talent Intelligence Software Creators, LaborIQ®. “Despite these challenges, however, the labor market continues to progress towards recouping all the jobs lost since the start of the pandemic and remains on track for a full recovery by early 2023.”
LaborIQ® The index ranks the best performing labor markets
The U.S. job market has come a long way in reclaiming 16.7 million of the 22.4 million jobs lost during the pandemic, but the recovery has varied widely depending on location and industry, which has had a considerable impact on performance and economic opportunities.
The proprietary LaborIQ index identifies and tracks 10 key performance indicators that measure and rank the economic health of all major metropolitan areas in the United States. These indicators or variables are present in each market and represent the main drivers of the economic progress or decline of a market.
Top 10 Best Performing US Labor Markets
Reported by LaborIQ® Index: July 2021
- Dallas-Fort Worth–Arlington, Texas
- Phoenix–Mesa–Scottsdale, Arizona
- Austin-Round Rock, Texas
- Raleigh, North Carolina
- Denver, Dawn–Lakewood, CO
- City of Boise, ID
- Nashville–Davidson–Murfreesboro–Franklin, Tennessee
- Atlanta–Sand sources–Roswell, Georgia
- Provo–Orem, Utah
- Salt Lake City, Utah
Eight of the 10 markets rank in the top 25 for net migration, representing people moving to these regions, as opposed to natural population growth. Often people move for job opportunities, but family and retirement are also a factor.
Dallas, Phoenix, and Austin currently rank in the top three for net migration, in addition to leading the overall performance rankings.
“Half of the top-ranked subways are in Utah, Texas and Idaho, which also tops the list for population growth over the past decade. As vacancies increase, the influx of human capital into these areas has rebounded dramatically, placing each metro in a stronger position than most to fill vacancies, ”Denton continues.
The best performer of July: Denver–Dawn–Lakewood, CO
The Denver metro area was the biggest mover in the past year, according to LaborIQ® Index. The metropolitan area ranks very well in various categories including population growth, wage level, educational attainment of the workforce, annual employment gain, total number of college graduates, and net migration .
Look for Denver to be a magnet for talent, attracting candidates from other metros, as it maintains its status as one of the best landing points in the country for new recruits.
In addition to Denver, four other metros rank among the best in terms of overall economic progress.
Despite the pandemic, people and businesses were already on the move in the Dallas-Fort Worth and Austin, and with an additional supply of talent, these subways have recovered jobs faster, ranking them at No. 1 and 3, respectively, for overall performance.
Similar pilots put Phoenix in second place and Raleigh at number 4, net migration and employment growth accelerating the recovery in these markets.
Industry performance and recovery prospects
July employment figures indicate that the service-based economy is rebounding. Consumer demand and business investment have swelled – signs of improving job prospects and employment – along with an increase in summer travel. This is good news for the Leisure and Hospitality sector.
Conversely, manufacturing, as well as commerce, transportation and utilities, continue to suffer from material and labor shortages, now associated with rising raw material and fuel prices.
LaborIQ expects pre-pandemic employment levels to return unevenly across major sectors beyond 2025.
To read the July National Labor Market Report, Market Rankings, and Industry Outlook, click here.
About LaborIQ by ThinkWhy
LaborIQ is a SaaS solution that provides HR and talent acquisition professionals with talent and labor market intelligence. LaborIQ by ThinkWhy publishes reports, forecasts and advice on employment conditions and their impact on jobs, industries and businesses in all US cities. Our machine learning and advanced data science provide accurate compensation, talent supply forecasts, retention tools and labor market responses for over 20,000 job titles.
Visitwww.ThinkWhy.com to learn more or request a demo. Follow us on LinkedIn, Twitter, Instagram or Facebook.
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