Forbes: Twin Cities Among Best Job Markets in U.S.
The Minneapolis-St. Paul metro area has been named one of the nation's top job markets, according to a report released by Forbes. The metro area placed fourth in the rankings, which were released last week-trailing only Washington, D.C.; Boston; and Austin, Texas.
According to Forbes, the Twin Cities' employment is expected to recover fully by mid-2011, far earlier than a national recovery, as found by a recent Moody's Economy.com analysis of the region.
Job growth is mostly expected in manufacturing and professional services like accounting. The Mall of America, a retail and tourist destination that is expanding, would also contribute to job growth in the region, according to the magazine.
Forbes reported that there are roughly three job seekers per advertised opening in the Twin Cities. The metro area's unemployment rate is currently at 6.5 percent, whereas the national average is at 9.4 percent. Statewide jobless rate sits at 7.1 percent.
Topping Forbes' list is the nation's capital, with roughly one advertised job opening for every unemployed worker in the region, which includes parts of Maryland and Virginia.
Boston and Austin follow closely with job seekers per opening rates of 2.1 and 2.39, respectively. Las Vegas was the worst job market in the nation, with more than eight unemployed workers for every job opportunity posted online. Most of California and Florida's major cities were close behind.
Forbes compiled its 2011 lists of America's Best and Worst Job Markets with metro unemployment data from the U.S. Bureau of Labor Statistics, and job site Juju.com's monthly Job Search Difficulty Index for major cities. Research firm Moody's provided additional analysis for the trends in each labor market.