Providence Ranks Poorly for New Jobs

GoLocalProv Business Team

Providence Ranks Poorly for New Jobs

The New Year is not looking good for new jobs in the Providence-metro area according to a new report.

Providence ranks 156th out of 182 cities when it comes to the best places to find a job in 2018. 

"According to the U.S. Bureau of Labor Statistics’ most recent jobs report, the national unemployment rate has fallen to a 17-year low of 4.1 percent while hiring is up.

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College graduates, especially, will see a strong boost in their job prospects. According to the National Association of Colleges and Employers, employers plan to hire 4 percent more members from the Class of 2018 than from the previous graduating cohort," said WalletHub. 

Providence's Rankings: 

  • 169th Best - Job Market 
  • 76th Best - Socio-Economics 

 

The Rankings 

Providence ranks behind Oklahoma City, Oklahoma, and Augusta, Georgia who rank 154th and 155th respectively. 

Providence ranks ahead of Memphis, Tennessee and San Bernardino, California who rank 157th and 158th. 

Chandler, Arizona is ranked as the best place to find a job in 2018, while Shreveport, Louisiana is ranked as the worst place to find a job. 

See More in the Map Below

Source: WalletHub

The Method 

In order to determine the best job markets in the U.S., WalletHub compared 182 cities across two key dimensions, “Job Market” and “Socio-economics.”

They then evaluated the two dimensions using 26 relevant metrics. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for job seekers.

Lastly, they determined each city’s weighted average across all metrics to calculate its total score and used the resulting scores to put together the rankings.

Job Market – Total Points: 80

  • Job Opportunities: Double Weight (~7.62 Points)
  • Employment Growth: Double Weight (~7.62 Points)
  • Monthly Average Starting Salary: Full Weight (~3.81 Points)
  • Unemployment Rate: Double Weight (~7.62 Points)
  • Underemployment Rate: Full Weight (~3.81 Points)
  • Industry Variety: Full Weight (~3.81 Points)
  • Employment Outlook: Double Weight (~7.62 Points)
  • Job Security: Full Weight (~3.81 Points)
  • Job Satisfaction: Full Weight (~3.81 Points)
  • Retirement Access & Participation: Full Weight (~3.81 Points)
  • Access to Employee Benefits: Full Weight (~3.81 Points)
  • Presence of Work-Share Programs: Full Weight (~3.81 Points)
  • Full-Time Employment: Full Weight (~3.81 Points)
  • Access to Internships: Full Weight (~3.81 Points)
  • Apprentice-Trainee Jobs as Share of Total Jobs Posted on Glassdoor.com: Full Weight (~3.81 Points)
  • Share of Workers in Poverty: Full Weight (~3.81 Points)
  • Disability-Friendliness of Employers: Full Weight (~3.81 Points)

 

Socio-economics – Total Points: 20

  • Median Annual Income: Full Weight (~2.22 Points)
  • Average Work & Commute Time: Full Weight (~2.22 Points)
  • Transit Accessibility of Workplace: Full Weight (~2.22 Points)
  • Housing Affordability: Full Weight (~2.22 Points)
  • Annual Transportation Costs: Full Weight (~2.22 Points)
  • Safety: Full Weight (~2.22 Points)
  • Family-Friendliness: Full Weight (~2.22 Points)
  • Dating-Friendliness: Full Weight (~2.22 Points)
  • Recreation-Friendliness: Full Weight (~2.22 Points)

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