Here at ProfitDuel, we believe making money should be simple, stress-free, and even fun. But in today’s economy, that’s easier said than done. Especially in cities where jobs are disappearing at an alarming rate.
So earlier this month, we conducted a comprehensive analysis of job destruction across the United States, focusing on metro areas that have experienced the most significant employment losses, including business closures. Using data from the U.S. Census Bureau, we identified the regions most impacted by job destruction.
The results were eye-opening. Some metro areas have seen hundreds of thousands of jobs vanish, with entire industries struggling to stay afloat. If you live in one of these cities, you may have already felt the impact, but just how bad is it where you are?
Contents
- Key Takeaway
- New York - Newark - New Jersey
- Los Angeles - Long Beach - Anaheim
- Chicago - Naperville - Elgin
- Dallas - Fort Worth - Arlington
- Washington- Arlington-Alexandria
- Houston - The Woodlands - Sugar Land
- San Francisco - Oakland - Berkeley
- Philadelphia - Camden - Wilmington
- Boston - Cambridge - Newton
- Miami - Fort Lauderdale - Pompano Beach
- The Ultimate Income-Boosting Hack
1. Key Takeaway
To identify and rank the worst metro areas for job destruction in 2024, we conducted a comprehensive analysis using data sourced from the U.S. Census Bureau. Our study focused on evaluating employment losses, including business closures, across various metropolitan statistical areas (MSAs) in the United States.
Our findings revealed that the metro area New York - Newark - Jersey City is the worst area in America for job destruction. But just how does that compared to other major metropolitan areas in the U.S.?
2. New York - Newark - Jersey City
New York - Newark - Jersey City has experienced significant job losses, with 1,699,128 jobs destroyed, driven by the high cost of living, the impact of the COVID-19 pandemic, and the shift towards remote work.
Many businesses have either downsized or shut down completely, leading to a substantial reduction in employment opportunities.
The hospitality, retail, and office sectors have been particularly hard hit, with 52,159 job losses in the food services industry.
3. Los Angeles - Long Beach - Anaheim
Los Angeles - Long Beach - Anaheim ranks as the second worst area for job destruction, with 1,072,714 jobs lost.
The entertainment and tourism industries, which are vital to the region's economy, faced severe disruptions during the pandemic. Our study revealed that there has been 21,801 job destruction in the arts, entertainment, and recreation sector in this metro.
Additionally, the high cost of real estate and operational expenses have forced many small and medium-sized businesses to close their doors permanently.
4. Chicago - Naperville - Elgin
Chicago - Naperville - Elgin comes in third in terms of job destruction, with 676,970 jobs lost.
The decline in manufacturing jobs, with 12,001 jobs lost in this industry alone, coupled with economic challenges faced by the retail and service sectors, has led to significant job losses.
The shift to e-commerce has also negatively impacted traditional brick-and-mortar stores in the area.
5. Dallas - Fort Worth - Arlington
Dallas - Fort Worth - Arlington has seen considerable job destruction, with 521,722 jobs lost, particularly in the energy sector. The fluctuating oil prices and the transition to renewable energy sources have resulted in layoffs and business closures. The metro area is also dealing with the aftermath of the COVID-19 pandemic, which has affected various industries, including hospitality and retail.
6. Washington- Arlington-Alexandria
The Washington - Arlington - Alexandria metro area has not been immune to job destruction, with 487,619 jobs lost. Government budget cuts, the shift to remote work, and the pandemic's impact on local businesses have contributed to employment losses.
The hospitality and service industries have been particularly affected, with many establishments closing permanently.
7. Houston - The Woodlands - Sugar Land
Houston - The Woodlands - Sugar Land has faced job destruction, with 474,285 jobs lost, primarily due to the volatility in the energy sector.
The oil and gas industry's downturn has led to layoffs and company closures.
Additionally, the pandemic's impact on the hospitality and retail sectors has exacerbated the job losses in the region.
8. San Francisco - Oakland - Berkeley
San Francisco - Oakland - Berkeley has experienced significant job destruction, with 469,641 jobs lost, due to the high cost of living and the tech industry's shift to remote work.
Many businesses have relocated to more affordable areas, leading to job losses in the region. The hospitality and retail sectors have also struggled to recover from the pandemic's effects.
9. Philadelphia - Camden - Wilmington
Philadelphia - Camden - Wilmington has seen notable job destruction, with 457,451 jobs lost, particularly in the manufacturing and service industries.
The decline in traditional manufacturing jobs and the pandemic's impact on small businesses have led to significant employment losses. The region is also grappling with the shift to remote work and e-commerce.
10. Boston - Cambridge - Newton
Boston - Cambridge - Newton ranks among the worst metro areas for job destruction, with 420,746 jobs lost.
The high cost of living, the shift to remote work in the tech and education sectors, and the pandemic's impact on local businesses have all contributed to job losses.
The hospitality and retail industries have been hit particularly hard.
11. Miami - Fort Lauderdale - Pompano Beach
Miami - Fort Lauderdale - Pompano Beach has faced job destruction, with 415,520 jobs lost, primarily due to the downturn in the tourism and hospitality industries. The pandemic severely impacted these sectors, leading to business closures and layoffs.
Additionally, the high cost of living and operational expenses have made it difficult for many businesses to survive.
12. The Ultimate Income-Boosting Hack
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