economic indicators

Providence metro ranks No. 66 on list of ‘best places for young adults’

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THE PROVIDENCE METROPOLITAN area ranked No. 66 out of 102 on The Business Journal's list of the best metropolitan areas for young adults in the United States.
Posted 4/1/13

BOSTON – The Providence metropolitan area ranked No. 66 on The Business Journal’s rankings of which of the 102 major markets in the United States are the best places for young adults to start their careers.

The list, which was topped by Austin, San Jose and Washington, ranked which metropolitan areas offered young adults the best chance to establish themselves in what the ACBJ publications called “post-recessionary America.”

“The study’s objective is to find markets that offer the best opportunities for workers in their 20s and early 30s,” said The Business Journals. “It gives the highest marks to communities that have strong growth rates, moderate costs of living, and substantial pools of young adults with jobs and college degrees.”

The news source used a 10-part formula to analyze which metro areas were best for young job seekers. The first five factors – population growth, long-term private-sector employment growth, short-term private sector employment growth, per capita income and long-term income growth – focused on the area’s growth rate and potential.

The next four categories – share of all residents between the ages of 18 and 34, annual unemployment rate for workers between 16 and 34, share of householders under 45 with incomes of $150,000 or more and share of people between 18 and 34 with bachelor’s degrees – focused on assessing conditions for young adults. The final indications – median rent – focused on cost of living.

Each metropolitan area’s statistics were compared against the average for the study group in all 10 categories. Above-average performances received positive scores and below-average results received negative scores.

“Opportunity scores” ranged from 11.86 points for Austin, Texas, to -9.37 points for Cape Coral-Fort Myers, Fla. Providence’s score was not specifically listed.

On the East Coast, the five best markets for young businesses were: Washington with an overall rank of No. 3, Boston at No.4, New York City at No. 13, Baltimore at No. 23 and Pittsburgh at No. 26.

Most of the study’s raw data came from the U.S. Census Bureau’s 2011 American Community Survey. Employment figures were taken from the U.S. Bureau of Labor Statistics and income figures were taken from the U.S. Bureau of Economic Analysis. All statistics were the latest available.

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