If you are considering your next move to another city before retirement, it is important to do your homework. Look at statistics regarding the job market. Some cities have been experiencing significant job growth and a lift in certain sectors. Factoring in that job market data is essential in the financial aspect of your decision.
According to the Bureau of Labor Statistics, over 800,000 jobs were added January and February of 2023. In August 2023, 187,000 jobs were added. Due to inflation and a number of other economic factors, it is helpful to be flexible in terms of your career choices and path. Possibly be open to relocation and a look at related fields where the job growth is strong.
Job Growth and Earnings Potential
The cities with strong job growth and earnings potential may surprise you. Cities like Denver Colorado, Nashville Tennessee, Austin Texas and Salt Lake City Utah are listed high amongst the cities with strong job opportunities. Certain sectors have made the move or increased their presence in some of the cities that are seeing this spirt. The tech and health care industry as examples.
Checkr looked at statistics from various data sources including the Bureau of Labor Statistics, the US Census Bureau and other reputable sources. They took a methodical approach looking at unemployment rates, job growth amongst other information. Furthermore they coupled that with earnings potential factors to compile their list of strongest cities for the job market.
Remote and Hybrid Work Arrangements
Factoring in remote and hybrid work arrangements, people have greater flexibility in choosing to move to a more affordable city. Some companies are open to allowing employees to make these moves as long as there isn’t an impact on their operations. If you are willing to travel to the home office as needed that is a plus. Feeling out the situation to see what your employer is open to is a good step early on in the process.
The new work arrangements give professionals the opportunity to think differently. Perhaps to explore new ideas like considering a new city that was not on their radar. Furthermore, making the same salary in a lower cost of living city will increase your buying power and standard of living. It is something that has been opened up to us in large part as a result of the pandemic and shifts in the way work is viewed.
Quality of Life
Quality of life and work life balance is coming to the forefront. People are no longer waiting until retirement to check off their bucket list items so to speak. In addition, the job market has evolving giving us more choices and more flexibility. Professionals are no longer limited to their current geographic location to explore. It will be interesting to see what the job market and job growth landscape looks like five, ten or fifteen years from now. It is an exciting time to look at different options. There are statistics about job growth, the job market and opportunities right at your finger tips are very helpful. Choosing a higher quality of life is something to consider when looking at your career path and next steps.