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2020 Economic & Job Growth Outlook for Our Market Areas

2020 Economic & Job Growth Outlook for Our Market Areas
We at Luxor Staffing look forward to serving these states in 2020 as our company continues to grow and expand into new market regions...

Kiplinger has released its economic outlook report, including projected job growth rates, for all 50 states in the U.S. Following is the 2020 outlook for each of the states served by Luxor Staffing:


TEXAS

Population: 28,702,000
Unemployment Rate: 3.4%
2019 Job Growth: 2.3% (290,600)
2020 Job Growth: 1.6% (207,200)

Texas entered 2019 with brisk economic momentum within its key industries including energy development and high tech, which will again underpin solid growth though at a slightly slower pace than in 2018. Texas has an outsized presence in both the energy and high-tech sectors. 420 oil and gas rigs are at work in Texas, roughly half the total drilling in the nation, and the United States now is a net exporter of oil. New oil and gas pipelines have been added, and more are under construction to boost exports as more oil reaches Gulf Coast ports.

Texas already has a well-developed presence in high tech, and that's growing as investment disperses beyond Silicon Valley. Apple is investing $1 billion in a new campus in Austin that will employ up to 5,000 people. Trade uncertainty is a headwind, but the preliminary agreement between the United States, Mexico and Canada on a new free trade pact potentially will unlock more investment in export-related industries if it is ratified by lawmakers in all three countries. As icing on the cake, Texas is home to multiple military installations, which will benefit from increased defense spending as do the contractors who bid for military business.

The Dallas side of the Dallas-Ft. Worth metro area continues to lead the state with 3.8% employment growth. Houston, the second-largest metro area, and Killeen-Temple are above the state average. Previously red-hot Austin, with nine straight years of 3% growth or better, has seen growth downshift to around 2%, which is perhaps a more sustainable level.


NORTH CAROLINA

Population: 10,384,000
Unemployment Rate: 4.2%
2019 Job Growth: 1.6% (72,600)
2020 Job Growth: 1.0% (45,700)

North Carolina is in for a third year of more moderate growth, as the state moves past its 2012-16 growth spurt, and reverts back to the U.S. average. The unemployment rate has ticked up to 4.2% from its low of 3.7% last December. North Carolina has the fourth highest in-migration level in the U.S. Cuts in individual and corporate taxes this year will also help.

Big banks BB&T (now in Winston-Salem) and Suntrust (now in Atlanta) are merging and will establish their new headquarters in Charlotte. Advance Auto will relocate its HQ to Raleigh, bringing 435 jobs. Cancer therapy biopharmaceutical company Cellectis will add 200 jobs to Raleigh. Aetna will bring 300 new jobs to High Point, in the center of the state.


TENNESSEE

Population: 6,770,000
Unemployment Rate: 3.5%
2019 Job Growth: 1.7% (52,500)
2020 Job Growth: 0.9% (28,300)

Tennessee job growth will hold steady at 1.7% in 2019. The Nashville metro area remains the center of the state's growth, with an employment gain this year of 2.2% and a very low unemployment rate of 2.7%.

A growth pickup is starting to ripple out into the rest of the state: Memphis and Kingsport-Bristol at opposite ends of the state are experiencing their best growth in four years. A pickup is apparent in Knoxville. While Chattanooga holds steady, nearby Cleveland is growing again after two down years. Clarksville and Jackson continue to experience solid job growth above the state average.

Tennessee is an increasingly attractive retirement option; like Florida, it has no income tax. Its cost of living is lower than Florida. It's not as hot, and still has seasons. As a result, it is becoming home to the “half-backers”: retirees from up north who don't want to move all the way down to Florida.

Amazon will expand its Nashville hub, adding up to 5,000 new jobs eventually, the biggest new jobs announcement in the state's history. Home orthodontics firm Smile Direct is also expecting to add 2,000 new employees in Nashville in the next five years.

Volkswagen will add 1,000 jobs in Chattanooga by 2022 to build electric cars and SUVs.


GEORGIA

Population: 21,299,000
Unemployment Rate: 3.6%
2019 Job Growth: 1.7% (78,000)
2020 Job Growth: 1.2% (55,700)

Job growth in Georgia will be 1.7% in 2019, better than the 1.4% U.S. average. The Atlanta metro area continues to drive the state, with growth of 1.9%. It is the distribution hub of the Southeast. The Gainesville area, to the northeast, will be one of the biggest hotspots, and has been for a number of years. Fox bikes are relocating to the area, bringing 800 jobs. They are a refugee from high California housing costs. Nearby Jackson County is seeing the construction of a new battery factory by Korea's SK group that will employ 2,000.

Georgia remains committed to expanding its international trade, with a port deepening project in Savannah, along with a trade industrial park that could result in 3,000 new jobs.

Construction is the strongest industry in Georgia, with 6% job gains. Jobs in health care are growing by more than 3%.


We at Luxor Staffing look forward to serving these states in 2020 as our company continues to grow and expand into new market regions. We grow by providing growth opportunities for our employers and our employees. We offer a corporate staffing experience while providing the hands-on service you would normally expect only from a small, locally-owned firm.


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