These 2 Cities Could Have the Best Job Market 5 Years From Now, According To Economists

When it comes to the U.S. job market, certain industries are expected to grow more quickly than others in the coming years. This includes the healthcare and social assistance sector and technical services, as per BLS data.

That said, not every job market will offer the same growth potential. If you’re looking for a job and are flexible with location, now’s a good time to start thinking about where you want to start applying — not just what you want to apply for.

These are two cities that could have the best job markets five years from now, according to Dennis Shirshikov, professor of economics at the City University of New York (CUNY) and head of growth at GoSummer.

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Austin, Texas

Shirshikov noted that Austin currently has a strong job market and is expected to continue to thrive in the coming years. The tech sector specifically has boosted job creation in high-demand fields like engineering, software development and green energy, he said.

“Austin added 56,300 jobs, growth of 4.4%, in the 12 months ending in June, making it the fifth-best performing among the top 50 metros,” according to the Austin Chamber. As of July 2023, Austin has also ranked No. 1 in job growth (since February 2020). Besides tech, leisure and hospitality as well as professional and business services have seen the fastest job growth.

It’s also no secret as to why the job market has been thriving there.

“The city also benefits from a growing population and an influx of educated talent, creating a robust, adaptable labor market,” Shirshikov said.

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Raleigh, North Carolina

Shirshikov said that Raleigh has made similar strides in its job market, particularly in the areas of technology, research and healthcare.

“The Research Triangle area (anchored by Raleigh, Durham and Chapel Hill) benefits from close connections to universities and a highly educated workforce,” he said. Raleigh also attracts remote workers and those who want to live in a city with a lower overall cost of living.

The North Carolina Department of Commerce’s Labor & Economic Analysis Division (LEAD) projects that North Carolina as a whole will add 302,000 new jobs between 2018 and 2028, which is a 0.6% annual growth rate. Healthcare and social services, as well as professional, scientific and technical services, are set to see the highest — and fastest — growth rates.

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Other Major US Cities With Growing Job Markets

ADP Research has its own predictions on the U.S. job market in the coming years. According to its data, these are among the best cities to find a job in the country.

Denver, Colorado

The Denver-Aurora-Lakewood metro area saw a median annual pay growth of 5.8% in the 12 months ending in August 2024. The monthly hiring rate was 4.5% during this time. The median hourly pay was $19.

The top industries in the Denver metro area are construction, professional/business services and other service-based sectors. In terms of both hiring and growth, manufacturing ranks especially high.

Oklahoma City, Oklahoma

In Oklahoma City, the median annual pay rose by 5.6% over the past 12 months. The monthly hiring rate was 5.4%, while the median hourly pay was $15.70.

Construction is the city’s highest-ranking industry, but trade, transportation, leisure and hospitality, utilities and natural resources are also fast-growing.

Las Vegas, Nevada

The Last Vegas-Henderson-Paradise metro has seen a 5.6% median annual pay growth over the last 12 months. The monthly hiring rate was 5%, while the median hourly pay was $16.

The fastest-growing industries include manufacturing, trade, financial services, natural resources and mining, utilities and transportation.

Seattle, Washington

In the Seattle-Tacoma-Bellevue area, the median annual pay has risen by 5.4% from August 2023 to 2024. New hires received a median hourly pay of $20. Meanwhile, the monthly hiring rate peaked at 4%.

Health services, manufacturing and education rank highest in terms of job growth, hiring rate and pay.

Portland, Oregon

The Portland-Vancouver-Hillsboro metro saw a monthly hiring rate of 4.4% and a median annual pay growth of 5.8% in the 12 months ending in August 2024. For new hires, the median pay was $17 an hour.

The top industries in the Portland area included information, education/health and other services.

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This article originally appeared on GOBankingRates.com: These 2 Cities Could Have the Best Job Market 5 Years From Now, According To Economists