Some 288,000 new jobs were added last month, but the labor markets in some U.S. cities have recovered from the recession better than others because of factors specific to their local economies.
Ten cities in particular have captured a larger share of the total jobs added in the U.S., according to a new study by CareerBuilder and Economic Modeling Specialists.
The study looked at what should have been the total job growth in the 50 most populous metro areas between 2010 and 2013, based on the total job growth in the country. Then it looked at the actual job growth in each of these cities. By calculating the difference between these two measurements, it found what it calls the competitive effect – which indicates how much each city has exceeded, matched or fallen behind national job growth trends due to specific dynamics in local industries.
For example, based on 4 percent employment growth in the U.S. from 2010 to 2013, Houston would have been expected to add 142,378 jobs – but it actually added 250,607 jobs. The addition of 108,229 jobs was due to regional growth trends that helped the city to outpace the national growth average.
Other cities that had a strong competitive effect in their local job growth between 2010 and 2013 include Austin, Riverdale (CA), and surprisingly, Detroit.
“The metros producing the strongest competitive effect are often heavily dominated by specialized technical industries with well-established local supply chains,” said Matt Ferguson, CEO of CareerBuilder in a press release.
“The overall job growth in these markets is not primarily a product of national economic trends, but rather distinct factors in the local economy such as energy resources in Houston, technology hubs in Silicon Valley and Austin, or the motion picture industry in Los Angeles.”
Meanwhile, cities that trail national job growth trends include New York, Chicago and Philadelphia.
Click here to see the top 10 cities with booming job growth.
Top Reads from The Fiscal Times:
- 5 Hot Jobs That Could Be Right for You
- 10 U.S. Cities with the Worst Traffic
- No Job Loss in Most States That Raised Minimum Wage