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Recent unemployment data suggests that the nation is beginning to see an even weaker job market.
After some months of improvement, albeit much of it driven by government spending, the economy is slowing down with downward revisions to GDP. But not every state is doing poorly and some of them have been steadily increasing employment especially in the last 12 months. Here are 4 states that have bucked the Recession and are likely to continue adding jobs in the future.
Texas:
Amongst the largest states, Texas has the lowest unemployment rate at only 8.2% (tied with New York), a far cry from California's 12.2%. Unlike New York, which has lost 250,000 jobs, the Lone Star State has added over 285,000 jobs since the Recession began in 2007. And while that only amounts to about 100,000 jobs each year, it leads the nation in jobs creation over that time period. It's even more remarkable when you compare it to California's loss of nearly 1 million jobs over the same 3 year period. Texas' increase was nearly all private sector job creation in the country. With a diverse business base that includes the headquarters of 12% of all Fortune 500 Companies, increasing exports, and a business friendly environment, Texas is poised well to continue to lead the nation in job creation. Major industries include energy, transportation, computer equipment, and information services.
Minnesota:
Minnesota boast a relatively low unemployment rate of 6.8%. During the Recession the state lost nearly 50,000 jobs but in the last year the it has added all of those jobs back and employment is near all time highs. How has Minnesota managed to evade the Recession. A key reason is that Minnesota is home to a high number of mega companies such as United Healthcare, Target, Best Buy, and 3M. In fact, Minnesota has by far the highest number of Fortune 500 companies per capita of any state: 21. Compare that to Florida which has lost 500,000 jobs which only has 16 at four times the population. These mega companies had strong balance sheets going into the Recession and they have plenty of access to capital to hire as their businesses continue to flourish.
North Dakota:
North Dakota sports the lowest unemployment in the nation, a mere 3.6%, considered by most economists to be full employment. And while North Dakota's increase of 6,000 jobs since the Recession began seems modest, it's similar to the rate of growth that Texas has experienced. While sparsely populated, North Dakota has a number of medium sized businesses like Bobcat, ING Service Center, and several major hospitals that provide steady employment. Don't expect super high pay, but the cost of living is extremely low throughout the state. And if the cold weather scares you, just book a vacation to Miami in the winter where your dollars will be happily accepted amid 12% unemployment.
Kansas:
Kansas has fared well during the recession. Since the Recession began, Kansas has been maintain the total number of jobs in the state. Kansas has a very modest 6.5% unemployment rate. Major industries include agriculture, meat packing, aerospace, and communications. Major employers include Tyson, Spirit Aero Systems, Sprint-Nextel, and Cessna. Housing costs are extremely low making salaries go that much further. For years, Kansas has had an issue of outmigration but with plenty of jobs, that trend looks like it is changing.
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