At first the idea of moving interstate to make money seems absurd. A family could easily expect to spend more than $8,500 moving from Chicago to Boston, and that's before additional fees for tricky jobs and moving insurance to protect your assets. However, you can quickly recoup these costs if you move to one of these states experiencing a business job boom.
1. Texas on the Rise
Texas was one of the first American states to shake off the 2008 recession and start to rebuild, and it's continuing this rapid growth today.
Austin is responsible for much of Texas' growth, with 17 companies performing on the New York Stock Exchange and another 25 listed on the Nasdaq. Big corporations like Dell, Whole Foods Market, and Acumen all call Austin home. The strong performance of these firms and up-and-comers led MarketWatch to name Austin the top US city for growing businesses in 2013.
The cheap land in Austin and other Texas cities has inspired companies like prosthetics maker Hanger to relocate and Californian firms eBay and Electronic Arts to set up Texan operations. Those low real estate prices will also mean homeowners will pay less for their home. And without state income taxes, you’ll have even more green in your wallet.
2. Arizona Bounces Back
While Texas recovered quickly, Arizona struggled to find its feet after the financial crisis. However it's recently bounced back with a vengeance, leading Forbes to name it the best state for job growth this year. The business publication also named Arizona the country's most entrepreneurial state in 2012. Forbes predicts employment opportunities will grow by three percent over the next five years which should generate annual economic growth of 4.6 percent.
Business services and the financial sector were some of the state's fastest growing sectors, along with the Arizona's traditional industries including construction and hospitality. General Motors' construction of a fourth information technology innovation center in Chandler will bring 1,000 new jobs to the Phoenix suburb. GoDaddy is also expanding its global technology center in Tempe to employ 300 more workers. The city is also home to a new Direct Energy call center, which will create another 300 jobs.
3. Washington State Shows Sustained Growth
While the rest of America has a national unemployment figure of 7.6 percent, the picture in Washington State is much more bright, with an unemployment rate of less than seven percent. The outlook's even more optimistic in the Seattle-Bellevue-Everett area, where unemployment stood at just 4.8 percent in July 2013.
The state's recovered from the financial crisis of 2008 well, regaining around 83 percent of the 205,000 positions it shed during the economic downturn. In August 2013, it posted its tenth straight month of job gains.
Washington State is home to several well-known corporations, including Amazon, Microsoft, and Boeing. These provide many career opportunities, along with smaller firms in the business and professional sector. Anyone interested in Washington's financial industry should view this career opportunities video from Fisher Investments, one of the state's leading investment firms.
4. California Offers Diverse Opportunities
A diverse range of opportunities exist in California, and not just in the traditional areas of tech and tourism. While the state's overall unemployment rate of 8.6 percent in May, 2013 doesn't seem impressive, certain areas of California tell another story. Things are particularly promising in the coastal region of Marin County, which boasts an unemployment rate of just 4.5 percent.
San Jose also promises strong growth after securing a phenomenal amount of recent patents. In 2010 a patent was secured for every 182 local residents, three times more than in the country's second most innovative city Boise. Such creativity will generate business jobs as these patented products are developed.
Overall, California is enjoying gains in a range of business sectors including financial activities, professional services, manufacturing, and trade. This growth could see California representing even more than 13.2 percent of America's economic production. A gross domestic product increase of 2 percent in 2012 was worth $33 billion, which is nothing to sneeze at, but we might be in for bigger booms.
An interstate move can be daunting, but it's worth pushing aside the nerves to take advantage of these business industry booms.