A new study released by GOBankingRates ranks Colorado as the best place in the nation to find a job.
Unemployment in America has been dropping steadily for the past five years and now hovers around 3.6 percent, according to data from the Bureau of Labor Statistics.
But some states provide more opportunities than others for job seekers.
According to the study released July 1, the Rocky Mountain state has experienced employment growth of 17.2 percent over the past 10 years and 15.6 percent in the past five years. Unemployment stands at about the same rate as in the nation as a whole — 3.6 percent.
That makes conditions ideal for people who are unemployed and want to find a job.
New Hampshire, Utah, Minnesota and Idaho round out the top 5 on the list. Wyoming, New Mexico, Alaska and West Virginia (No. 50) rank as the worst states to find a job.
The GOBankingRates study compared average unemployment rates, employment growth rates, job opening data and more.
GOBankingRates determined the best and worst states to find a job by analyzing each state along the following criteria:
- Five-year and 10-year average unemployment rate (2014-18)
- Five-year and 10-year unemployment rate change (December 2013 to December 2018, and December 2008 to December 2018)
- Five-year and 10-year employment growth (December 2013 to December 2018, and December 2008 to December 2018), all sourced from the Bureau of Labor Statistics
- Five-year and 10-year average labor force participation rate, sourced from the Economic Policy Institute
- Underemployment rate (latest data from December 2018), sourced from the Bureau of Labor Statistics
- Job openings, sourced from Glassdoor
- Ratio of job openings to unemployed people, the latter sourced from the Bureau of Labor Statistics’ latest data from December 2018, and
- Industry variety, based on each state’s percentage of employment by industry and its deviation from the U.S. average, with employment by industry sourced from the Census Bureau’s 2017 American Community Survey.
All data were compiled on Feb. 25, 2019. Find the full list here.
U.S. News & World Report’s 2019 Best State rankings, published in May, also rated Colorado high among the best states for job opportunities.
That study ranked Colorado the No. 2 state in the nation to find employment. Colorado was outranked by Utah, which was No. 3 in the GOBankingRates study.
Colorado has the No. 1 economy in the nation, according to U.S. News’ 2019 Best State rankings. That fact, plus Colorado’s low unemployment rate and 68.2 percent labor force participation rate, influenced the state’s job opportunities score.
U.S. News determined the best states for employment based on each state’s unemployment rate, labor force participation and change in unemployment rate between 2014 and 2017.
Colorado ranked No. 10 overall on the Best States list, based on employment, health care, education, economy, infrastructure, opportunity, fiscal stability, crime and corrections and natural environment. View the full list here.