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Area Development - Site Selection, Facility Planning and Workforce Development

2024's Leading Metro Locations Methodology

Q4 2024

Area Development ranked 410 MSAs and metropolitan divisions across 24 economic and workforce indicators pulled from eight (8) data sets — each set containing a five-year change, a three-year change, and a one-year change indicator — originating from the U.S. Bureau of Labor Statistics, U.S. Census, and JobsEQ® by Chmura Economics & Analytics.

Each metro area earned a ranking within each of the 24 indicators based on its statistical performance within that indicator. The metro area with the best performance in a certain indicator earned a ranking score of “1” and the metro area with the worst performance earned a ranking score of “410.”

To calculate “Overall Ranking,” we created a score of total ranking across all indicators for each MSA. The indicators were weighted with five-year change indicators carrying the most weight and the one-year indicators carrying the least weight.

We also calculated overall ranking across two categories: “Prime Workforce” and “Economic Strength.” Within the “Prime Workforce” category we calculated rankings within two sub-categories: “Workforce Readiness” and “Wage and Salary Growth.” Within the “Economic Strength” category we calculated rankings within two sub-categories: “Core Economic Indicators” and “Job Growth Indicators.” To calculate the overall ranking within these two categories, and four sub-categories, we produced a score and average ranking across only certain indicators.

We have also produced a set of lists, using overall ranking, grouping the MSAs by each of the 9 U.S. regions and by size: “Small” (population < 160,000), “Mid-sized” (population 160,000-600,000), and “Big/Giant” (population > 600,000).

Indicators Used in the Leading Locations Report:

PRIME WORKFORCE
    Workforce Readiness
  • STEM Workforce (Employment in STEM Occupations) as Percentage of Total Workforce 5-Year Change Rank (Q1 2024 – Q1 2019)
  • STEM Workforce (Employment in STEM Occupations) as Percentage of Total Workforce 3-Year Change Rank (Q1 2024 – Q1 2021)
  • STEM Workforce (Employment in STEM Occupations) as Percentage of Workforce 1-Year Change Rank (Q1 2024 – Q1 2023)
Data Source: Chmura’s JobsEQ, STEM occupations based on BLS definition, excluding healthcare. See https://www.bls.gov/oes/topics.htm#stem

  • Labor Force Size 5-Year Change Rank (Avg. through June 2024 – June 2019)
  • Labor Force Size 3-Year Change Rank (Avg. through June 2024 – June 2021)
  • Labor Force Size 1-Year Change Rank (Avg. through June 2024 – June 2023)
Data Source: U.S. Bureau of Labor Statistics Metropolitan Area Employment and Unemployment (Monthly)

    Wage and Salary Growth
  • Average Hourly Earnings 5-Year Change Rank (Q1 2024 – Q1 2019)
  • Average Hourly Earnings 3-Year Change Rank (Q1 2024 – Q1 2021)
  • Average Hourly Earnings 1-Year Change Rank (Q1 2024 – Q1 2023)
Data Source: Bureau of Labor Statistics, Chmura’s JobsEQ


ECONOMIC STRENGTH

    Core Economic Indicators
  • Local Area Unemployment Rate 5-Year Change Rank (Avg. through June 2024 – June 2019)
  • Local Area Unemployment Rate 3-Year Change Rank (Avg. through June 2024 – June 2021)
  • Local Area Unemployment Rate 1-Year Change Rank (Avg. through June 2024 – June 2023)
Data Source: U.S. Bureau of Labor Statistics Local Area Unemployment Rate

  • Gross Metro Product from Advanced Industries as Percentage of Population 5-Year Change Rank (2023 – 2018)
  • Gross Metro Product from Advanced Industries as Percentage of Population 3-Year Change Rank (2023 – 2020)
  • Gross Metro Product from Advanced Industries as Percentage of Population 1-Year Change Rank (2023 – 2022)
Data Source: Chmura’s JobsEQ, Advanced Industries are defined based on Muro, Mark et. Al, “America’s Advanced Industries: What They Are, Where They Are, and Why They Matter.” The Brookings Institution, February 2015

    Job Growth Indicators
  • Advanced Industries Job Growth as Percentage of Employment 5-year Change Rank (Q1 2024 – Q1 2019)
  • Advanced Industries Job Growth as Percentage of Employment 3-year Change Rank (Q1 2024 – Q1 2021)
  • Advanced Industries Job Growth as Percentage of Employment 1-year Change Rank (Q1 2024 – Q1 2023)
Data Source: Chmura’s JobsEQ, Advanced Industries are defined based on Muro, Mark et. Al, “America’s Advanced Industries: What They Are, Where They Are, and Why They Matter.” The Brookings Institution, February 2015

  • Employment Growth as Percentage of Population 5-year Change Rank (Q1 2024 – Q1 2019)
  • Employment Growth as Percentage of Population 3-year Change Rank (Q1 2024 – Q1 2021)
  • Employment Growth as Percentage of Population 1-year Change Rank (Q1 2024 – Q1 2023)
Data Source: U.S. Bureau of Labor Statistics Current Total Non-Farm Employment Statistics – CES (Non-seasonally adjusted)

  • Change in STEM Job Post Volume Percentage 5-Year Change Rank (August 2024 – August 2019)
  • Change in STEM Job Post Volume Percentage 3-Year Change Rank (August 2024 – August 2021)
  • Change in STEM Job Post Volume Percentage 1-Year Change Rank (August 2024 – August 2023)
Data Source: Real-Time Intelligence (RTI) in Chmura’s JobsEQ Editor's Note:The research for this report was conducted and compiled by Patrick Clapp of Chmura Economics & Analytics and the Area Development Research Desk.

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