This is an interesting report from Get Rich Slowly, a personal finance blog, showing divisions between specific markets regarding job growth and average weekly wage. As one would expect, the hot-bed of innovation – San Francisco – is at the top of the list for average weekly pay while reporting a solid 4.8% rate of job growth.
Who is at the bottom of the barrel? Mahoning County in Ohio (think Youngstown), with a weekly wage of just $683 and a job growth rate of 0.2%. Erie, PA comes in second to last place. Erie is not that far from Mahoning.
The report highlights some of the disparity uncovered during the last Presidential election cycle as the country has been bifurcated into vibrant regional economies and other areas that have been left behind, even as unemployment has hit very low levels.
“Your perception of whether or not the job market is healthy probably depends on where you live,” says Richard Barrington, an analyst for GetRichSlowly. “Notably, some of the worst job markets are in some of the battleground states where jobs were considered a big issue in the election.”
Alternative finance like crowdfunding may help alleviate some of this disparity by providing access to capital but that will not be enough. Robust entrepreneurial centers like Silicon Alley & Valley will always be magnets for innnovative risk takers. States that want to build and create more vibrant job creation economies need to do more..
You can read the entire list of 343 US counties here.
Top 5 counties
|
County |
Average Weekly Wage |
Job Growth % |
Overall Rank |
| San Francisco, CA |
$2,054 |
4.8 |
1 |
| Fulton, GA |
$1,562 |
4 |
2 |
| Benton, AR |
$1,266 |
5 |
3 |
| Mecklenberg, NC |
$1,365 |
4.1 |
4 |
| Williamson, TN |
$1,198 |
7.9 |
5 |
Worst 5 counties
|
County |
Average Weekly Wage |
Job Growth % |
Overall Rank |
| Mahoning, OH |
$683 |
0.2 |
343 |
| Erie, PA |
$769 |
-1.4 |
342 |
| Cameron, TX |
$592 |
0.6 |
341 |
| Caddo, LA |
$776 |
-1 |
340 |
| Webb, TX |
$650 |
0.8 |
339 |
Below are the Top Five Counties that are winning the battle. Below that are the ones losing the war.
Best Job Markets
1. San Francisco County, California
Besides being a well-known city, San Francisco is also a county and it did very well in this study. In fact, it was the only county that ranked in the top 10 for both percentage job growth and average wage level. Its 4.8 percent job growth was well over two times the national average of 2.0 percent and ranked eighth out of all major counties. Its average weekly wage of $2,054 is nearly double the national average of $1,043, and ranked fourth overall. The biggest drawback is that San Francisco’s growth has also created a demand for housing that has driven prices sky high, so those generous wages may be more a necessity than a luxury.
2. Fulton County, Georgia
The dynamic growth of the Atlanta area is the key to Fulton County’s thriving job market. Its 4 percent job growth was exactly double the national average and ranked in the top 10 percent nationally. Its average weekly wage of $1,562 ranked even higher, placing in the top 5 percent of all major counties.
3. Benton County, Arkansas
Walmart has been controversial at times for its employment policies, but apparently it has been good for the job market in its home county of Benton. The county’s 5 percent job growth ranked sixth overall, and its average weekly wage of $1,266 ranked 38th, or just outside the top 10 percent of all major counties.
4. Mecklenberg County, North Carolina
Comprising Charlotte, Mecklenberg has been home to one of the nation’s fastest-growing metropolitan areas. This has fueled job growth of 4.1 percent over the past year, good for a national rank of 25th. The county’s average weekly wage of $1,365 is similarly highly-placed, ranking 23rd overall.
5. Williamson County, Tennessee
If you asked which part of the country experienced the fastest job growth over the past year, it is likely that few people would come up with the correct answer — Williamson, Tennessee. However, this county located just south of Nashville has made it a priority to attract major businesses such as Nissan, Mars, and Verizon. The result is 7.9 percent job growth in the past 12 months, the highest percentage growth in the nation. Average weekly wages are a respectable $1,198, which is in the top 15 percent of all counties.
Worst Job Markets
1. Mahoning County, Ohio
Ohio has frequently been highlighted as a battleground state in the election because many of its residents are starved for good job opportunities. The experience of Mahoning County illustrates why — at $683, its average weekly wage is one of the 10 worst in the nation. Also, Mahoning saw job growth of just 0.2 percent over the past year, one-tenth the national average.
2. Erie County, Pennsylvania
Not far from Mahoning County, Erie County in Pennsylvania is also experiencing acute problems with its job market. Here, the biggest problem is that they have lost rather than created jobs over the past year, with a drop in employment of 1.4 percent. While the average weekly wage of $769 is noticeably higher than in Mahoning, it still falls well below the national average of $1,043.
3. Cameron County, Texas
It’s not just the Rust Belt that is suffering from a weak job market. Much further south in Cameron County, the average weekly wage of $592 is next to worst in the nation, and job growth over the past year was an anemic 0.6 percent.
4. Caddo County, Louisianna
The bad news in Caddo County is that the average weekly wage of $776 is in the bottom 20 percent nationally; what’s worse is that they are also losing what jobs they have, with a 1 percent decline in employment over the past year.
5. Webb County, Texas
Texas generally has been hailed for its strong economy in recent years, but Cameron County and Webb County prove that not all areas of the state are sharing the wealth. Webb’s average weekly wage of $650 is fourth-lowest in the nation, and employment grew by less than 1 percent over the past year.