May 22, 2011

Turnaround coming for 'boomerang' generation?

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For the last few years, the long-running joke about recent college grads was that they were first of the new "boomerang generation" -- well-educated young adults who had earned six-figure educations but were landing right back where they started at their parents' house due to the anemic job market.

This month, many fresh-faced, eager boomerangs are, out of necessity, gliding back to the nest in the Puget Sound region. But there are signs this year that the local job market is finally starting to catch up to the nation's overall economic recovery.

In just the last few days and weeks, here are some of the more promising signs for the Class of '11:

Grads back in vogue -- According to a recent semi-annual survey released by the National Association of Colleges and Employers, hiring managers nationwide are showing a renewed interest in recent college graduates.



In the previous report from September 2010, respondents in the NACE survey said they anticipated hiring 13.5 percent more new college graduates in 2011 than they did in 2010. The latest survey, published in April, found that the expected year-to-year increase in hiring has risen to 19.3 percent for Class of 2011 grads.

Seattle named top city for grads -- Earlier this month, Kiplinger.com listed Seattle on its annual roster of top 10 cities for college graduates. The report cited a recent listing of 1,900 new jobs due to the expansion of Amazon in the South Lake Union neighborhood, but did not include the recent announcement by Boeing that it plans to add 1,200 jobs at its Renton facility by 2013.

In addition to being "a global hub not just for freight, but also for information technology, clean technology and life sciences," Seattle rated high on the Kiplinger list in terms of median income ($33,372, about $3,000 higher than the national median), a relatively low crime rate and a healthy 5 percent income growth rate from 2005 to 2009 -- years that included the nadir of the Great Recession.

State unemployment down to 9.1 percent -- Just last week, the Employment Security Department reported that the jobless rate fell by a tenth of a point in April, down from 9.2 percent, thanks to the creation of about 5,800 jobs last month, almost all of which came from the private sector.

The surprising leader in job creation was in the construction sector, with 2,400 new positions opening up. After two years of devastating losses, the recent gains in construction is another sign that investors are starting to regain confidence in the Seattle area. Just look around at all the formerly idled condo and retail projects around town that are coming back to life again this spring.

Other sectors that saw growth last month included professional and business services, with 1,700 new jobs, and manufacturing, with 1,200. Also, retail trade; transportation, warehousing and utilities; information; and education and health services all saw increases of 900 jobs for each sector. Since April 2010, Washington has created an estimated 41,500 new jobs.



As ESD commissioner Paul Trause said in a recent statement regarding the April job numbers: "We're beginning to see job growth pick up some real momentum. It's tough to not feel optimistic about where we're going."

So fear not, Seattle parents. You may get a chance to renovate your kids' old bedrooms sooner than you think.

Randy Woods writes about job-search tools, networking techniques and other tips to help you land your dream job.

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Boeing, construction, economy, education, hiring, unemployment