"Explosive Growth": Nashville, Austin Job Markets Are Hot, Hot, Hot

Sunbelt cities include Nashville, Tennessee, Austin Texas, and Jacksonville Florida

The job market in Canada is one of the most competitive.

Right now

According to a study of 380 metro regions conducted by the

Wall Street Journal

Moody's Analytics.

Nashville, TN

These Sunbelt cities have benefited from the continued recovery of travel, and an increase in hiring at hotels, restaurants and music venues

The.

Resurgent Services Sector

The U.S. economy has been boosted by the following factors in recent months: The prices of many remained affordable.

High inflation is gripping

The nation. Some Western job markets heated up as the pandemic spread, including

Salt Lake City

Phoenix and Denver cooled down last year. -WSJ

Five factors were used to rank the rankings.

The unemployment rate

The strongest labor markets were determined by the following factors: the labor-force participation rates, employment levels, the size and composition of the workforce, as well as 2022 wages.

The last year and beyond 2023

Employers added jobs in all parts of the country

The unemployment rate in January was at a record low of 3,4%, but it increased to 3.6% by February.

Screenshot via WSJ.com

Nashville's #1 ranking as the nation’s hottest employment market is due to the

labor-force participation rate

Austin ranked second in the number of adults who are employed or seeking employment. Austin ranked second, boasting the highest labor force participation of large metro areas.

In recent years, these fast-growing Southern states capitals with vibrant musical scenes have attracted many new workers and businesses. Investment firm

AllianceBernstein

LP opened up its new corporate headquarters last year in Nashville.

Tesla Inc., Elon Musk's electric car maker, moved

Headquarters to Austin

He is planning to build a new building in 2021.

New community outside Austin

He also controls SpaceX and Boring Co.

Jacksonville climbed up the rankings in 2018, becoming the third hottest job market. It was ranked sixth one year ago, based on the revised data for 2021.

Mike Brady, owner and manager of two Express Employment Professionals offices in Jacksonville, says that the region's position as a logistic hub in northern Florida has made it a magnet for remote employees and new businesses during this pandemic. He said that Florida's absence of a state income tax and affordable homes are both major contributors. -WSJ

Brady said that the growth has been explosive. "We are still seeing warehouses being constructed." "We're still seeing businesses move in."

Brady says that the demand surge has been difficult to meet.

He said that if we assign someone to a position and they do not like it, they will simply find another one.

In Jacksonville, FL,

Employers are increasing wages

Miami's wages will grow at the fastest rate among large metro areas in 2022. Miami meanwhile, recorded

The nation's biggest wage increases

According to the report,

Jacksonville, an important logistics hub in north Florida, attracted remote workers and companies during the pandemic. Photo: Visions of America/Universal Images Group/Getty Images

What's more,

The cost of living is

(emphasis added to'relatively.')

Low compared to other coastal cities

The tech and finance industries are in a fierce competition for workers. This is true.

Costs are increasing

In several Sunbelt cities, housing costs are a major concern.

If current trends persist,

Dallas, Texas will surpass Chicago to become the third largest metro area in America by 2040

.

The following cities also made significant gains this year in the rankings:

New Orleans, Orlando

Las Vegas

As the economy continues to grow, more people are returning to work. They fill vacancies in restaurants, bars, and hotels. As the

Journal

Notes, "In the U.S., as a group, employers in leisure-related industries have been on an hiring spree. This has led to a surprising resilient labor market, despite rising interest rates and inflation.

New York, meanwhile, was one of 'the few major metros' that lost workers in its labor force during the past year

Los Angeles experienced above average unemployment and wage growth below average.