Job Growth in the Western States

I have been following the quarterly job growth reports on the FDIC's website. They publish growth or decline in available jobs by state and then rank the states and regions.

No, California, at 22nd, is not at the top.The Rocky Mountain region leads the growth in employment with the top 4 states: Nevada, Arizona, Idaho, and Utah. The South with the exception of Louisiana is also showing solid employment while the heartland and northeast are fairly weak.

This information is consistent with the long predicted demographic movement of population from North to South and East to West. The real estate boom of the last decade has been fueled by the Baby Boomers reaching retirement age and seeking optional lifestyles in milder climates and low interest rates enabling investors to buy income property with refinance money.

The areas that appear to continue to flourish have either a compelling climatic, business, and/or economic story. Las Vegas continues to show strong growth due to the hospitality/entertainment industry draw, while Phoenix has climate, high tech and tourism. Arizona has a strong initiative with both UofA and Arizona State for bio-tech and bio-medical research. 

Idaho and Utah both have low cost of living compared to the other growth states in the West, together with natural resources (mining, hydro) and tourism. Oregon's economy has been a slump for years due to the downsizing of the timber/wood products industry but has slowly evolved into another small mecca for technology companies seeking an educated works force, inexpensive power resources and lower cost of living compared to California.

Is this a good reason to relocate? Sure, if you have no compelling Bay Area ties and can find equivalent employment there? As one client of mine said, as he put his Palo Alto, California million dollar bungalow up for sale, you can "live larger" elsewhere.