Salt Lake City, Florida cities have hottest jobs market: Analysis

Salt Lake City tops list of cities with the hottest job markets in 2023, according to new rankings and analysis Published in the Wall Street Journal this week.

The next five slots included four cities in Florida. Second place went to Jacksonville, Florida and second place went to Orlando, Florida. Tampa, Florida. Oklahoma City; and Miami.

The rankings were conducted using Moody’s Analytics analysis of Department of Labor data to assess the job market by looking at five factors: unemployment rate, labor force participation rate, changes in employment levels, workforce size, and wages. .

The magazine reported that the cities with the strongest job markets are also those that offer affordable alternatives to some of the major high-tech and financial coastal hubs, as well as access to the outdoors.

Salt Lake City has a diverse economy, so even if high interest rates and layoffs affected employees in the city, those employees didn’t have much trouble finding new jobs, the magazine said. pointed out. The magazine also cited Utah’s friendly business practices and tax incentives.

Meanwhile, Florida cities continue to dominate hot job market rankings. In 2022, he had three cities ranked in the top 10. In 2023, four cities made the list.

While some businesses are relocating from the Northeast Corridor to Jacksonville and other Florida regions, many of the factors contributing to the state’s growing popularity are its appeal to remote workers who prefer affordability and no state income tax. Adam Cummins said it has to do with the ability to attach. economists at Moody’s Analytics told the Journal.