When it comes to cost of living, it’s no secret that every state performs differently. It’s also become well-known that each state offers a job market with different levels of income potential. Online finance resource, WalletHub, recently assessed each state to determine which offered the best job market and the highest paying jobs. Texas ranked in the top 10 states with its high median annual income and low cost of living.
To develop the ranking, WalletHub assessed each state’s job-market strength, opportunity and economic environment. They weighted their findings across 29 key metrics, including employment growth, median annual income and average commute time. Each state was given a score out of 100 based on the findings. According to a report in CNBC, a spokesperson for WalletHub explained that the numbers “are for median household income, adjusted for cost of living,” and are not “just the raw numbers from Census.”
Ranking for Highest Paying Jobs
In the ranking, Texas ranked in the number 8 spot among all 50 U.S. states. It scored well for highest paying jobs with a median annual income of $60,008. Texas ranked number 6 overall for economic environment. For workers who are starting out in a new job, though, Texas offers the highest salaries in the nation.
With such a favorable ranking for highest paying jobs and best starting salaries in the nation, it’s no wonder Texas had the seventh-fastest growth rate in the country in 2017. The Census Bureau shows that in 2017, Texas grew at a rate of 1.4 percent. This year may show similar population growth as a result of the Texas jobs market maintains steady growth.
Austin Job Market
In Austin, the job market is particularly hot. In fact, a recent job strength ranking placed Austin as the second-strongest job market in the U.S. this year. The year before, the Austin job market experienced a 3.4% growth rate. Since 2006, the Austin employment market expanded by an impressive 39%. Job growth in the Austin area is creating a population expansion as impressive as the state.
Numbers published by the Austin Chamber of Commerce and collected from the Texas Workforce Commission (TWC) and the U.S. Bureau of Labor Statistics (BLS) shows that the Austin Metropolitan Statistical Area (MSA) was the fastest-growing major metro in the U.S. by the end of March. In the 12 months ending in March 2018, Austin added 36,800 net new jobs which represent a job market growth rate of 3.6%.
Relocate to Austin
If you’re ready to make a move to Austin, TX to take advantage of the expanding jobs market offering some of the highest paying jobs in the nation, then reach out to David Brodsky Properties for a complimentary relocation consultation. Our expert relocation specialists will help you develop a relocation strategy to help ensure a stress-free relocation. Our consultation is free and is invaluable in your plans for a successful relocation.
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