Most “Rewarding” Job Sectors in America’s Hiring Hubs

January 16, 2020

Savvy members of the multifamily industry recognize how important it is to invest in markets with the highest-paying job sectors. After all, residents in these communities are making more money to spend on housing. That led us to taking a closer look at the top job growth metros identified in Berkadia’s recently released 2020 Multifamily Forecast:

  • Reno, NV
  • Orlando, FL
  • Austin, TX
  • Jacksonville, TN
  • Dallas, TX
  • Charlotte, NC
  • Seattle, WA
  • Colorado Springs, CO
  • San Jose, CA
  • Houston, TX

Our goal was to identify which of the highest-paying job sectors in these cities were not only benefiting the local economy but also providing a measurable bump in wealth for respective employed residents. Here’s a sample of what we found:

Orlando

Employees in math and IT jobs make up just under 3% of the 1.2 million employees in Orlando’s booming workforce

Orlando’s IT-related job market is exploding with high-paying jobs thanks to a fresh influx of startup capital and recent hiring pushes by top companies in their respective high-tech fields, like Blue Origin and SpaceX. Inc.com recently ranked Orlando among the top 20 cities in the country for startups looking for a place to grow their business.

Employees in arts, entertainment, and media job sectors have also seen their wages increase in recent years thanks to steady, long-term performance in the metro’s tourism industry. Universal Orlando recently picked up hiring in anticipation for a massive planned expansion, adding over 2,500 employees to its ranks in 2019 alone.

  • Computer and Mathematical Occupations
    • Average Median Income (Q4 ‘18): $81,690 (4.4% gain since Q4 ‘16)
    • Local Workforce: 35,700 employees
  • Arts, Design, Entertainment, Sports, and Media Occupations
    • Average Median Income (Q4 ‘18): $53,320 (4.9% gain since Q4 ‘16)
    • Local Workforce: 20,480 employees

Charlotte

Charlotte’s creatives are more apt to spend after wages in arts and entertainment increased by over 10% in two years.

Charlotte has evolved over the years into one of the country’s premier financial technology (or fintech) destinations, in part because the traditional banking industry that has long held a foothold in the region has begun to modernize. Major capital investments and surges in high-paying fintech jobs have been the result.

Also driving wage growth in the metro has been the rise of Charlotte’s arts scene, a boon for those employed in creative industries as their percent of income spent on rent actually decreased from 23.9% in 2016 to 22.8% in 2018. Continued job and wage growth in arts and entertainment is expected going forward, as the city welcomes its first Major League Soccer franchise in 2021.

  • Business and Financial Occupations
    • Average Median Income (Q4 ‘18): $79,640 (4.7% gain since Q4 ‘16)
    • Local Workforce: 90,030 employees
  • Arts, Design, Entertainment, Sports, and Media Occupations
    • Average Median Income (Q4 ‘18): $58,450 (10.3% gain since Q4 ‘16)
    • Local Workforce: 13,070 employees

Seattle

Strong spending by residents across the metro has helped to increase sales and retail wages by almost 9%.

Sales and retail sector workers experienced a significant bump in their wages from 2016 to 2018, watching the percent of their income spent on rent decrease as a result. Wages increased by virtue of a metrowide bump to the local minimum wage as well as overall positive trends in the local retail sector. Seattle residents put more of their dollars back into the economy during this period than their peers across the country, outspending the rest of the nation on food and apparel.

The presence of IT giants like Amazon and Microsoft has expanded growth opportunities for other tertiary tech sectors. In Seattle, this trend has primarily benefited the financial technology industry, where wage growth outpaced both the overall metro average and wage growth in other fintech hubs across the country.

  • Sales and Related Occupations
    • Average Median Income (Q4 ‘18): $50,740 (8.9% gain since Q4 ‘16)
    • Local Workforce: 184,200 employees
  • Business and Financial Occupations
    • Average Median Income (Q4 ‘18): $84,970 (5.7% gain since Q4 ‘16)
    • Local Workforce: 158,490 employees

Sources: U.S. Bureau of Labor Statistics, U.S. Census Bureau 2018 National Occupational Employment and Wage Estimates, Axiometrics

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