Cost of Living Index

The Cost of Living Index estimates the relative price levels for consumer goods and services. When applied to wages and salaries, the result is a measure of relative purchasing power. The cost of living is 5.7% lower in NHA Service Area than the U.S. average.

Industry Snapshot

Over the next 1 year, employment in the NHA Service Area is projected to expand by 9,184 jobs. The fastest growing sector in the region is expected to be Management of Companies and Enterprises with a +2.3% year-over-year rate of growth. The strongest forecast by number of jobs over this period is expected for Health Care and Social Assistance (+1,422 jobs), Professional, Scientific, and Technical Services (+908), and Accommodation and Food Services (+904).

The largest sector in the NHA Service Area is Retail Trade, employing 85,025 workers. The next-largest sectors in the region are Accommodation and Food Services (74,726 workers) and Health Care and Social Assistance (73,947). High location quotients (LQs) indicate sectors in which a region has high concentrations of employment compared to the national average. The sectors with the largest LQs in the region are Mining, Quarrying, and Oil and Gas Extraction (LQ = 7.19), Transportation and Warehousing (1.78), and Construction (1.51).

Sectors in the NHA Service Area with the highest average wages per worker are Management of Companies and Enterprises ($231,176), Mining, Quarrying, and Oil and Gas Extraction ($220,354), and Utilities ($149,238). Regional sectors with the best job growth (or most moderate job losses) over the last 5 years are Transportation and Warehousing (+13,881 jobs), Professional, Scientific, and Technical Services (+9,024), and Health Care and Social Assistance (+8,337).

Education & Employment Growth 

Expected growth rates for occupations vary by the education and training required. While all employment in the NHA Service Area is projected to grow 1.2% over the next ten years, occupations typically requiring a postgraduate degree are expected to grow 1.8% per year, those requiring a bachelor’s degree are forecast to grow 1.6% per year, and occupations typically needing a 2-year degree or certificate are expected to grow 1.6% per year.