MoneyGeek, a personal-finance tech company based in San Francisco, released a study last month that analyzed job growth in major U.S. cities.
MoneyGeek ranked 54 of the largest metropolitan areas to determine an overall list of the nation’s top cities using seven metrics, including job growth, wage growth, unemployment rate, size of labor force and housing affordability.
Their study analyzed data points from Bureau of Labor Statistics and housing costs from Zillow–– a real-estate data company.
The Greater Los Angeles area, which included Long Beach in the study, ranked low on the list for job-seeking opportunities. However, the region also ranked No. 3 for wage growth.
“Surprisingly, Los Angeles was ranked in the bottom 10 of the analysis, coming in as the 47th city for job seekers,” Hillary Adler, MoneyGeek director of content marketing, wrote in an email to the Signal Tribune. “However, of all 54 major US cities, Los Angeles was ranked No. 3 for wage growth in the last 12 months, making it a city with some of the highest salaries in the country.”
According to the study, there was exponential job growth nationwide in the areas of healthcare and technology.
The study claims that industry-heavy cities, such as Chicago or Pittsburgh, experienced a decline in the 1980s and ranked low on the list. Cities with high rents, such as New York, are also located near the bottom of the batch, according to the study.
In first place was Nashville, Tenn. with 77.7% overall wage and job growth. Coming in last place on MoneyGeek’s list was Pittsburgh, Penn. with 22.3% job and wage growth.
“It’s hard to imagine that places like Los Angeles and New York City would be at the bottom of the rankings for top U.S. cities for job growth in 2020,” freelance journalist writer Geoff Williams concluded in the detailed findings of the study. “They landed in those spots because they rank lower on employment growth, competition and housing affordability.”
To view the full study, click here.