Post Number: 12
|Posted on Thursday, May 31, 2007 - 8:05 am: || |
http://22.214.171.124/search?q =cache:cOncpqrE74AJ:buffalo.bi zjournals.com/buffalo/stories/ 2007/05/21/story2.html%3Fb%3D1 179720000%255E1463454+Hot+mark ets+for+grads+don%27t+include+ buffalo&hl=en&ct=clnk&cd=1&gl= us&client=firefox-a
Hot Markets for Grads don't Include Buffalo
from the Buffalo Business Journal May 18,2007
... Bizjournals.com analyzed 66 markets, looking for qualities that would appeal to workers in their 20s and early 30s. It gave the highest marks to places with strong growth rates, moderate costs of living, and substantial pools of young adults who are both college-educated and employed.
Buffalo ranks 62nd in the final standings, just four notches above last place. Below it are four other Great Lakes markets with similar economic bases, demographics and problems: Grand Rapids, Mich. (63rd), Cleveland (64th), Dayton, Ohio (65th), and Detroit (66th).
The difficulties besetting domestic automakers, combined with the erosion of Detroit's manufacturing base, have caused that area to lose 105,100 jobs in the past five years.
Similar problems, albeit of a lesser scale, have been obstacles to young job-seekers in Buffalo and the other low-rated areas. ,,,,,,
"Particularly in Ohio and Michigan, the restructuring in the motor-vehicle industry is hitting hard," says Sophia Koropeckyj, an economist with Moody's Economy.com, an international research firm. "And because of the troubles in their core industries, their demographics are not good."
At the opposite end of the standings is Las Vegas, the most promising job market for young adults.
"Las Vegas, of course, has a very special type of economy," says Koropeckyj. "And it doesn't seem likely to be quitting anytime soon. Las Vegas just keeps on going."
Las Vegas finished at or near the top in several of the study's 10 statistical categories:
* •?The population of Las Vegas has been increasing at an annual rate of 4.2 percent since 2000. That's three and a half times the U.S. average of 1.2 percent.
* •?The area also ranks first in employment growth, expanding its job base 5.6 percent annually since 2001. That pace generated 226,700 jobs during the past five years, including 45,900 in 2006 alone.
* •?It offers the possibility of swift advancement. Nearly 15 percent of Las Vegas' householders under the age of 25 make at least $75,000 a year. The national average is 5 percent. (A householder, as defined by the U.S. Census Bureau, is a person in whose name a house or apartment is bought or rented.)
The Buffalo area, on the other hand, is losing population at an annual rate of 0.4 percent. Its employment base is essentially stagnant, adding just 1,400 jobs during the past five years.
There's a distinctly Western flavor to Bizjournals.com's list of the 10 most attractive metro areas for young workers.
The runner-up is Phoenix, located 300 miles southeast of top-rated Las Vegas. Phoenix is growing rapidly, guaranteeing a steady supply of new jobs. And it has an additional advantage: The cost of living is lower in Phoenix than in Vegas.
Three other Western metros are among the 10 leaders: Salt Lake City (fifth), Seattle (eighth) and the Riverside-San Bernardino (10th) region in California.
Probably because Detroit is a Crains city for its business newspaper rather than a Business Journal City (their competitor), no mention has be made of this article.
Google cache link above to allow entire article to be read without subscription